Flagstone, a London-based fintech that operates as a cash deposit marketplace, has raised $15 million in funding led by Omers Ventures, a fund backed by one of Canada’s largest defined pension plans.
Also participating in the funding were existing investors Kindred Capital and Moneysupermarket Group plc, according to a press release.
Flagstone, founded in 2013, allows individuals, businesses, charities and others to choose among hundreds of cash deposit accounts at 44 different banks and financial institutions, including HSBC, Nationwide and numerous challenger banks. Flagstone offers its cash deposit platform to customers of challenger bank Revolut.
“Raising growth capital from leading investors such as Omers Ventures is a testament to the strength of our business model and the great work that the Flagstone team does everyday to support clients with protecting their cash deposit investments,” Simon Merchant, co-founder and co-managing partner of Flagstone, said in the release.
The funding will be used to grow the company’s footprint in the U.K. market.