97. Flagstone

Company: Flagstone

Founder: Simon Merchant

Website: https://www.flagstoneim.com

About Flagstone

Flagstone is a London fintech company that has grown rapidly to become the leader in the UK cash deposit platform market – a sector in which fintech innovation has been slow to unfold. Since launching in 2015, Flagstone has brought speed, flexibility and unmatched choice to the £1.5 trillion UK savings market.

Through Flagstone’s single digital application, savers can – for the first time – access and instantly open 200+ savings accounts from 60 of the UK’s banks and building societies, from the largest incumbent banks to challengers. No other cash deposit platform in the UK offers customers and their advisers a single point of access to more savings accounts from as many UK banks and building societies.

What began as a platform for high-net-worth individuals to manage their savings more effectively has grown into a powerful innovative engine behind multiple brands’ financial services offerings to a far broader range of savings customers. Today, Flagstone partners with many of the UK’s leading wealth management firms (e.g. St James’s Place), as well as powering a range of savings products at leading fintechs (such as Revolut) and household brands (like Saga) across the country.

Flagstone has rapidly expanded in the last two years to address a hugely topical and relevant problem many savers face: the difficulty of researching, comparing, and switching between multiple savings accounts to earn better interest rates. All this results in a reluctance or lack of motivation to move savings to seek better interest-earning potential and spread savings to reduce risk. According to 2023 FCA research, £250 billion (approx. one-fifth) of all UK cash deposits are currently earning savers 0% interest. What’s more, less than a quarter (23%) of UK savers switched savings accounts in the first half of the year to get a better interest rate.

In a high inflation environment, where every penny counts, Flagstone’s online cash deposit platform offers ease, flexibility, and visibility in managing savings – both maximising interest and minimising risk. Flagstone’s impact is clear. Today, the fintech scale-up serves more than 600,000 customers for whom it has amassed assets under administration (AUA) of over £10 billion – a figure that is now increasing by over £1 billion per quarter.

Flagstone’s ability to predict and meet the resurgence in consumer and brand appetite for cash savings positions the company for substantial growth in 2024 and beyond. Flagstone has become a critical tool for both savers and financial advisors, driving the fintech innovation needed to make better savings options accessible to a wide range of consumers.

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