Cashing in: Savings fintech Flagstone hits £1bn quarterly inflows
Consumers are increasingly looking to maximise the interest earning potential of their savings in a high interest rate environment.
Fintech savings platform Flagstone has passed £10bn of inflows, with assets under administration increasing more than £1bn per quarter, AltFi can exclusively reveal.
Flagstone offers savers access to multiple savings accounts from 59 UK banks. The company, launched in 2015, now has a customer base of over 600,000 in the UK.
Initially a platform for individual savers, Flagstone has seen enormous growth through its partnerships with many of the UK’s leading wealth management firms including St James’s Place as well as other companies such as Saga and Revolut.
Simon Merchant, co-founder and CEO of Flagstone, says the high inflation environment is prompting consumers to look for better deals on cash interest rates.
“Researching, comparing and then switching between savings accounts across multiple providers takes time, effort and money, all of which reduces the perceived benefit of earning better interest in the first place and increases complacency,” he said.
“Here, fintech has the opportunity to provide consumers with the sort of flexibility, visibility and ease they are used to when it comes to running so many other aspects of their daily lives and apply it to making rainy day funds, mortgage deposits and children’s university nest-eggs work a lot harder,” he added.