Flagstone reportedly closes $15m funding round

Flagstone, which offers a marketplace of cash deposit accounts, has reportedly raised $15m in funding to help it extend its footprint in the UK.

The round was led by OMERS Ventures, with additional commitments coming from Kindred Capital and Moneysupermarket Group, according to a report from Mobile Payments Today.

Founded in 2013, the UK-based FinTech offers an inline cash deposit platform which provides companies, small and medium-sized enterprises, charities, wealth managers, high-net-worth individuals and trusts to compare over 450 accounts. This helps users to earn more interest income and lower risk via diversification.

Flagstone co-founder and co-managing partner Simon Merchant told Mobile Payments Today,  “Raising growth capital from leading investors such as Omers Ventures is a testament to the strength of our business model and the great work that the Flagstone team does everyday to support clients with protecting their cash deposit investments.”

Earlier in the year, OMERS Ventures led the $50m Series C round of auto insurance platform Clearcover to help it develop new technology and enter additional US states.

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