The story so far
Andrew was trying to manage his savings and realised how incredibly complex moving money from one savings account to another was. So, starting as an idea discussed over coffee at a kitchen table, he and his friend Simon had a vision to revolutionise the cash deposit and savings market. At a time of declining interest rates and global financial crisis putting the spotlight on risk diversification, they saw a need for a new way of protecting cash which offered more return on investments. This lead to the inception of Flagstone in 2014, a platform that allows users to open multiple deposit accounts and spread their money around using just one application.
OMERS Ventures lead partner on the deal, Harry Briggs was introduced to Simon in November 2019 through Non-Executive Director, Timo Boltd after having previously invested in his company, Gusto. He was then introduced to the rest of the team in February 2020 when they were fundraising and completed the investment despite stress in the market due to COVID-19 in April this year. Flagstone is now the number one savings platform in the UK, with over 40 banks offering products on its platform and partnerships with Revolut and St James’s Place.
OMERS First Investment