Fintech firm breaks crowdfunding goal 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 within four weeks.

The next-generation digital account uses intelligent automation to connect users with utility providers, helping them save an estimated £1,000 a year on household bills.

A total of 184 investors have contributed to Frost’s campaign since it was launched on 27 March. In total, the company issues 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 authorized 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 progress with the announcement of its new Broadband Switching feature coming later this month and its status as a certified CarbonNeutral company. Now, with the support of new investors via Seedrs, the company can continue to move forward 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 handle on their financial income and expenses, while facilitating quick and easy payments.

In addition, thanks to its status as a principal member of Visa, Frost can provide its users with a dedicated Visa debit card linked to their accounts.

Its automated and intelligent Save Assist feature harnesses data to help users save on key household bills. Frost gives users the ability to quickly compare the associated carbon footprints of different suppliers, allowing them to make more informed, sustainable and cost-effective choices.

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

“Now the focus shifts to leveraging this increase in a way that adds value to our customers, as well as our investors.”