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Cash deposit marketplace Flagstone scores £108 million equity investment

Cash deposit marketplace Flagstone scores £108 million equity investment

London-based cash deposit marketplace Flagstone has scored a £108 million equity investment from US VC Estancia Capital Partners.

Since launching in 2015, Flagstone has expanded to become the UK’s largest cash savings platform by the number of banks and savings accounts on its panel.

Individual savers, small and medium-sized enterprises (SMEs) and charities use Flagstone - either directly or through white-labelled fintech platforms, financial advisers or brand partnerships - to access over 200 savings account offerings available from 60 providers.

Serving a customer base of over 600,000, Flagstone’s total Assets under Administration stand at more than £11 billion, increasing by more than £1 billion per quarter in 2023 as more personal and business savers looked to maximise the interest earned on their cash.

Flagstone recorded its first quarter of profitability in December 2022 and has maintained a profitable position ever since.

Simon Merchant, co-founder and CEO of Flagstone, comments: “At a time when funding capacity is down on a global scale, Estancia’s investment and market expertise provides us with the firepower necessary to really capitalise on the opportunities ahead of us, whether those be through organic growth, partnership and acquisitions, and prompt further consolidation of our market leadership position.”

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