Flagstone raises £11m Series A investment from Kindred Capital and others

9th May 2019.

London based FinTech, Flagstone, developer of the UK’s largest cash deposit platform which provides clients with access to over 550 deposit accounts from 30 banks through a single application, has raised £11m in growth capital from investors including Kindred Capital, Moneysupermarket Group plc, VentureFounders and a number of private individual investors.

Flagstone was founded in 2013 and has grown rapidly to become the leader in the UK cash deposit platform market having transmitted more than £3bn in deposits since 2015. The business provides individuals, their wealth managers, SME corporates and charities with access to more than 550 deposit accounts, many with market leading or exclusive interest rates, from 30 banks including high street names such as HSBC and Santander as well as a host of challenger banks, enabling clients to increase their interest income and manage their risk through diversification and greater use of FSCS protection.

Flagstone is already the exclusive cash deposit platform for clients of St. James’s Place, Quilter Cheviot, Tilney Group and many other leading wealth management firms.

Simon Merchant, Co‐Founder and Co‐Managing Partner of Flagstone, said: “With £11m of growth capital we are now well‐positioned to expand our business and provide more clients with a simple way to maximise the interest income on their cash and at the same time become an increasingly valuable funding partner to our banks.”

About Flagstone:
Flagstone is an FCA authorised and regulated fintech company (FCA reference numbers 676754 and 605504) located in London and founded in 2013. Flagstone’s online cash deposit platform enables companies, charities and individuals to earn more interest and reduce risk through diversification.

Completion of a single application gives the client access to over 550 deposit accounts from 30 banks and enables them to research and open multiple accounts in a matter of key strokes. The platform puts clients in control of their cash, giving them access to market‐leading and exclusive rates from a growing panel of UK banks, consolidated reporting and regular new rate alerts to ensure that their cash is working as hard as possible for them 24/7. For more information, see www.flagstoneim.com or watch a short video explaining what we do and how it benefits clients by clicking here.

About Kindred Capital:
Kindred Capital is a seed and early stage venture capital investor, focusing on European technology companies. Based in London, Kindred invests in entrepreneurs building globally ambitious businesses. Kindred’s portfolio includes Kalo, Paddle, Five.ai, LabGenius and Verve. Kindred’s unique Equitable Venture model, of sharing carry with the founders they invest in, has led to over 60 founders co‐owning carry in the fund. For more information, please visit www.kindredcapital.vc.

About Moneysupermarket Group:
Moneysupermarket Group is an established member of the FTSE 250 index. Our brands ‐ MoneySuperMarket, MoneySavingExpert, TravelSupermarket and Decision Technologies ‐ together have 13 million active users for whom we provide proactive and personalised services to help them manage, save and grow their money.

In 2018, we helped millions of families save an estimated £2.1bn on their household bills including insurance, energy, credit cards and loans, travel and TV and broadband.

Moneysupermarket.com Financial Group Limited is authorised and regulated by the Financial Conduct Authority (FCA FRN 303190) for the insurance, mortgage and consumer credit products it offers. For energy products, MoneySuperMarket is accredited under the Ofgem Confidence Code.

About VentureFounders:
VentureFounders is one of the UK’s leading investors in high growth B2B and B2B2C technology companies with over 90 investment rounds completed in the last four years. It was founded by James Codling in 2013, following his 18‐year career in Private Equity and launched in 2014. VentureFounders’ USP is that it gives High Net Worth and Sophisticated investors direct access to venture investment opportunities, on the same terms as the lead investors. Its experienced senior executive and investment team has been responsible for backing 34 high growth technology companies including Park box, Zopa, Hopster, DueDil, Farewill, BioSure, RotaGeek, Brightpearl and Hypaship. The business has dedicated origination efforts and sourcing partnerships with leading venture capital funds, family offices and angel investors. For more information, see www.venturefounders.co.uk.

For more information please contact:
Simon Merchant – Managing Partner, Flagstone
Email: simon.merchant@flagstoneim.com

Vault Platform secures £3.21 million Seed investment led by Kindred Capital

LONDON, April 30, 2019 – Vault Platform today announced details of its seed funding round. Led by UK-based Kindred Capital, other investors included Angular VenturesSystem One, Jane VC; and early-stage tech investor, Mike Chalfen.

Founded in 2018 by Neta Meidav and Rotem Hayoun-Meidav, Vault is rapidly defining a new category of HR technology known as “TrustTech.” Having identified the lack of adoption and ineffectiveness of old workplace harassment “hotline” systems, Vault designed a sophisticated solution that puts employees at the core. With Vault, enterprise employers gain an end-to-end platform, which consists of an employee app, corporate case management hub, and data and analytics. Vault’s solution supports cultures of trust and diversity while driving out harmful workplace behaviors such as bias and harassment, as well as fraud and corruption, mitigating a great risk for the enterprise.

The employee app creates a safe, diary-like space for employees to create records of misconduct they experience, and Vault’s “GoTogether” feature allows individuals to come forward under the condition they are not the first or only ones raising the complaint. Vault’s technology “connects the dots” on harmful patterns that are observed or impact multiple individuals, helping people overcome the fear of reporting. Vault also helps enterprises identify repeat problems and manage issues internally before they escalate.

Vault Platform has already garnered the attention of major employers, with household names among their clients, as well as an impressive roster of advisors including Harvard Business School workplace culture and trust expert, Professor Frances Frei and industry analyst Josh Bersin.

Professor Frei, a well-regarded top leadership strategist who was hired as Uber’s first SVP of Leadership and Strategy in June 2017, commented, “Healthy organizational cultures start with trust. Vault’s breakthrough platform helps to build trust by embedding empathy and transparency into innovative tools that people can use if they experience workplace misconduct. Vault gives employees total control over their privacy, information and reporting at precisely the moment they need it most.”

Vault’s Co-founder Neta Meidav, who created the solution as a result of personal experience, said, “Instead of merely digitizing old solutions, we’ve developed a powerful tool that can really help employees to overcome the fear of reporting, and inject trust into the workplace. Vault is a trust-enabling, risk-mitigating technology for companies in the self-regulation era. We are thrilled to welcome our investors on this journey and excited about the road ahead – changing work culture, for good.” 

Chrys Chrysanthou of Kindred Capital said: “The workplace is ever-changing. The new workforce is demanding an environment where they can be themselves, be treated with equality, dignity, cultural alignment and a place where full transparency exists. Organizations realize that tolerance for misconduct and an environment that doesn’t provide all those opportunities is costly not just in talent terms but also financially. We’re excited to be supporting the amazing team at Vault in delivering a solution to mitigate huge risks for enterprises and one that enables employees to live in a more open workplace.”

Vault will use the funding to scale and expand its presence in North America and Europe. Joining the company’s board will be Chrys Chrysanthou of Kindred Capital.