Flagstone, which provides access to hundreds of savings accounts across dozens of institutions, is in discussions with advisors regarding a large financing effort.
UK’s fastest-growing cash deposit system is in talks with investors regarding a major new financing round.
Flagstone has been interviewing bankers in preparation for a proposed Series B capital raise.
Wednesday, City sources said that the additional capital was anticipated to be raised at a premium value. At a time when many fintech companies are experiencing substantial financial strain.
Simon Merchant and Andrew Thatcher founded Flagstone in 2013.
WealthClub and Volution are stockholders in the company.
Last year, it added former bank CEO Leda Glyptis and industry veteran Meri Williams to its board.
In May 2022, it was reported that £10 billion in client assets had been placed over its platform.
In a statement, a Flagstone spokesperson said: “We are extremely focused on building our business in the United Kingdom and beyond and have no current intentions to explore a sale.
Flagstone grew rapidly in 2022 due to its market-leading cash deposit platform and rising interest rates.
We have had exploratory discussions with banking advisors about obtaining funds to grow the firm even faster, but no decision has been taken regarding additional fundraising.
