FCA approval for Manchester fintech start-up

A Manchester’s start-up offering e-money accounts has received full FCA approval to provide financial services for customers in the UK.

Frost, which already has over 14,000 people on its application waiting list, will use the approval to ramp up its imminent launch plans.

The fintech offers customers “a new way to automate their finances.”

The platform uses an Artificial Intelligence engine called ‘Save Assist’, which automatically compares utility companies in order to find customers the best prices and deals in their area.

As a result, the company’s e-money account can help customers to generate significant time savings when making important financial decisions.

Frost’s overall goal is to become a market leading e-money challenger, which simplifies mundane and time-consuming everyday tasks.

The platform helps to make financial transactions and payments easy, providing customers with a UK account number, sort code and IBAN in a matter of minutes.

Pawel Oltuszyk, co-founder and CEO of Frost, said: “This is a seismic moment in Frost’s journey to market and will allow us to take a number of important next steps towards our launch plans.

“We’re very grateful to the FCA for putting its full trust in us and the services we provide, which will soon help to transform people’s relationship with money for the better. We’re now totally focused on 2022 and the exciting plans we have in store.”

“By using Frost, customers have access to detailed spending insights and can receive instant notifications to alert them when they’re overspending.

“Similarly, the mobile application allows users to set simple saving goals, helping to foster greater financial responsibility amongst those who use it.

“The application also facilitates more cost-effective spending abroad by allowing customers to exchange foreign currency at the inter-bank rate, plus a small fee.”