UK fintech Flagstone secures £108M in fresh funding

Flagstone

UK fintech Flagstone, which operates a cash savings platform, has secured £108 million ($138 million) in funding from US private equity firm Estancia Capital Partners, making it a minority stakeholder in the firm.

Launched in 2015 and headquartered in London, Flagstone claims to be the largest UK cash savings platform with respect to the number of banks and savings accounts on its platform. Serving over 600,000 customers, Flagstone says it manages more than £11 billion in assets. Through its platform, it offers access to more than 200 savings accounts from 60 UK-based cash savings providers, counting individuals, small and medium-sized enterprises (SMEs) and charities as its customers. It also provides white-label and API integrations to enable its customers to offer savings options.

The fresh capital infusion consists of primary and secondary investments, with Flagstone planning to use the primary investment to consolidate its market leadership and tap into expansion opportunities – both within the UK market and internationally, create brand awareness and double down on partnerships. The secondary investment will be used to “reward Flagstone’s earliest backers” by giving them returns on their investments.

“We selected Estancia based on the strength of their team’s experience in supporting ambitious businesses to transform the shape of the cash management market in the US,” explained Simon Merchant, co-founder and CEO of Flagstone.

“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.”

The transaction is expected to close in the second quarter of 2024, with Estancia’s Takashi Moriuchi and Keegan Mitchell joining Flagstone’s board of directors.

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