Cash deposit platform Flagstone in talks about new funding round

One of Britain’s fastest-growing cash deposit platforms is in talks with investors about a sizeable new funding round.

Sky News has learnt that Flagstone, which offers access to hundreds of accounts across dozens of major banks, has been interviewing bankers about advising on a planned Series B capital-raise.

City sources said on Wednesday that the new funding is expected to be secured at a premium valuation at a time when many fintech businesses are facing significant financial pressure.

Flagstone was founded in 2013 by Simon Merchant, a former Morgan Stanley executive, and Andrew Thatcher, who worked at Citigroup and Merrill Lynch.

It counts WealthClub and Volution among its shareholders.

Last year, it appointed Leda Glyptis, a former bank executive, and Meri Williams, a technology veteran, to its board.

In May 2022, it said it had seen £10bn in client assets deposited through its platform.

In a statement, a spokeswoman for Flagstone said: “We are very focused on expanding our business in the UK and internationally and certainly have no plans to explore a sale at this time.

“Given its position as the market-leading cash deposit platform, with interest rates rising, Flagstone has seen amazing growth in 2022.

“We have held some exploratory discussions with banking advisers regarding raising capital to grow the business even faster but no decision on further fundraising has been made.”

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