Fintech firm breaks crowdfunding target and welcomes new investors

Manchester Fintech, Frost, has raised £1.87m on crowdfunding platform, Seedrs, nine days ahead of schedule, to help customers cut their bills.

The Old Trafford-based digital account provider said it exceeded its fundraising target over the four-week period.

The next-generation digital account uses intelligent automation to connect users to utility providers, enabling them to save an estimated £1,000 per annum on household bills.

Altogether, 184 investors have contributed to Frost’s campaign since it launched on March 27. In total, the company is issuing 12.12% equity to those who have invested through the crowdfunding platform.

The company, which prides itself on its user-friendly platform is fully FCA-authorised as an electronic money institution and has already processed more than £20m of transactions for its users.

Frost has further underlined its commitment to continued forward momentum with the announcement of its new Broadband Switching feature coming later this month and its status as a certified CarbonNeutral company. Now, with the backing of new investors via Seedrs, the company can continue to progress along its business roadmap.

Because of its intuitive, and easy-to-understand dashboard, Frost said it removes many of the stresses associated with previous digital account providers. The company’s platform enables users to get a better grip on their financial incomings and outgoings, while facilitating quick and easy payments.

Additionally, thanks to its status as a principal member of Visa, Frost can provide its users with a dedicated Visa Debit Card associated with their accounts.

Its automated and intelligent Save Assist feature leverages data to help users save on essential household bills. Frost gives users the option to quickly compare the associated carbon footprints of different providers, enabling thm to make more informed, sustainable, and cost-effective choices.

Co-founder and CEO, Pawel Oltuszyk, said: “We’re proud to see our latest fundraising campaign completed ahead of time, and above target. In working alongside Seedrs, we’ve had the opportunity to introduce our company and its platform to new audiences and new investors, all of whom seem very impressed with what we have to offer.

“Now our focus shifts to utilising this raise in a manner that delivers extra value to our customers, as well as our investors.”