One of Britain’s fastest-growing money deposit platforms is in talks with traders a couple of sizeable new funding spherical.
Sky News has learnt that Flagstone, which presents entry to tons of of accounts throughout dozens of main banks, has been interviewing bankers about advising on a deliberate Series B capital-raise.
City sources mentioned on Wednesday that the brand new funding is anticipated to be secured at a premium valuation at a time when many fintech companies are dealing with important monetary strain.
Flagstone was based in 2013 by Simon Merchant, a former Morgan Stanley government, and Andrew Thatcher, who labored at Citigroup and Merrill Lynch.
It counts WealthClub and Volution amongst its shareholders.
Last 12 months, it appointed Leda Glyptis, a former financial institution government, and Meri Williams, a know-how veteran, to its board.
In May 2022, it mentioned it had seen £10bn in shopper property deposited by way of its platform.
In a press release, a spokeswoman for Flagstone mentioned: “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 place because the market-leading money deposit platform, with rates of interest rising, Flagstone has seen superb progress 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.”
Source: information.sky.com”