Law firm founder gears up for 2021 rollout of digital bank after company’s problems dealing with traditional banks

By John Reynolds on Wednesday 29 July 2020

Digital Banking

Called Frost, the digital bank offers current accounts and advice on energy switching and has a waitlist of over 1,300 ahead of its full launch next year.

 Law firm founder gears up for 2021 rollout of digital bank after company’s problems dealing with traditional banks
Image source: Manchester city centre/Pixabay

The founder of a Manchester-based law firm is gearing up for a rollout of a digital bank next year, after the law firm encountered problems dealing with traditional banks for its clients.

Called Frost, the fintech offers current accounts and has signed up more than 1,300 to its waitlist, ahead of a full launch early next year.

Frost is the brainchild of Pawel Oltuszyk, the founder of Optimal Solicitors and Edyta Sliwinska, head of marketing operations at Optimal Solicitors, based in Manchester.

As well as offering current amounts, where salaries can be paid in, direct debits set up, and purchases made, Frost also offers advice on switching energy providers and deals on foreign exchange.

The Frost debit card can be connected to Apple Pay or Google Pay.

In an interview with BusinessCloud, Oltuszyk, who set up Frost last year, said. ““I love technology and using it in improving efficiencies in the business. Fintech became my hobby, and I was learning a lot about the tech which underpins major players.”

“Both me and co-founder have also witnessed a lot of difficulties with incumbent banks, which caused various issues to our clients.”

“We decided that we can build something new and make it do things on behalf of its customers.” 

Frost, which employs 20 people and is self-funded, is looking to gain an FCA licence. 

It services are currently only available to those on the waitlist.

“We want to create an intelligent current account alternative and encourage our users to use Frost as their everyday account,” added Oltuzsky, who is not a lawyer himself but studied computer science at the University of Central Lancashire.

 “There are apps for everything financial, but who wants to have 10 different apps that sit on top of their account and feed on data?”

“That also creates a risk as you share your data with many different companies, “added Oltuzsky.

According to the Frost website, which showcases several plays on the frost theme, customers can “conquer your finances with Frost”.

“Paycheque evaporating faster than snow on a hot day? Finances feeling hot and sluggish? Meet Frost, the account that puts the breeze back into managing your money,” the blurb adds.

Sign up for our newsletters


Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.