Participated · Equity · May 2020

Flagstone is a London-based cash deposit platform that helps UK savers, SMEs and charities access over 200 savings account offerings from 60 cash savings providers. Co-founded in 2015 by Andrew Thatcher and Simon Merchant, Flagstone distributes savings through direct channels, fintech partners, financial advisers and brand partnerships, and powers products at firms such as Saga and Revolut. The company serves more than 600,000 customers and has over £11 billion in assets under administration. It also operates an international subsidiary and has established distribution relationships outside the UK. The primary portion of the recent investment will be used to further consolidate Flagstone's position in the cash deposit market, while the secondary portion will enable early backers to realise returns. Estancia will take a board role and the transaction is expected to close in Q2 2024 after regulatory approvals. Flagstone operates a cash deposit marketplace that provides individuals, wealth managers, businesses and charities access to hundreds of cash deposit accounts from 44 banks. The platform includes high-street banks such as HSBC and Nationwide as well as challenger banks. Flagstone supplies its cash deposit platform to Revolut’s UK clients and is the exclusive cash deposit platform for Charities Aid Foundation, St. James’s Place, Quilter Cheviot, Tilney Group and other wealth managers. The company is FCA authorised and regulated. Founded in 2013 by Simon Merchant and Andrew Thatcher and based in London, Flagstone plans to use new funding to extend penetration of the UK market to new customer segments. The article notes a $15m financing round to support that expansion. Flagstone operates a cash deposit platform that gives individuals, wealth managers, SMEs and charities access to over 550 deposit accounts from 30 banks through a single application. The platform requires a minimum deposit of £250k to open an account. Clients include St. James’s Place, Quilter Cheviot, Tilney Group and other wealth management firms. The firm is authorized and regulated by the Financial Conduct Authority (Reference Numbers 676754 and 605504). In May 2019 Flagstone raised £11m in growth funding and intends to use the proceeds to expand operations and broaden its business reach. Founded in 2013 and based in London, the company serves institutional and private clients.