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Cash deposit marketplace Flagstone raises £12m

Cash deposit marketplace Flagstone raises £12m

London-based cash deposit marketplace operator Flagstone has raised £12m in venture capital in a round led by Omers Ventures and supported by existing investors including Kindred Capital and Moneysupermarket Group

Founded in 2013, Flagstone's online cash deposit platform enables companies, charities and individuals to scroll through hundreds of interest-bearing deposit accounts from 44 banks and open multiple accounts in seconds.

The company claims to have transmitted more than £5bn in deposits since 2015 and supplies its platform to the likes of Revolut, Charities Aid Foundation, St. James’s Place, Quilter Cheviot, Tilney Group and other wealth management firms.

Simon Merchant, co-founder and co-managing partner of Flagstone, says: "This new financing will support the acceleration of our plans to extend our penetration of the UK market to new customer segments.”

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