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Manchester-based Frost snaps £2M for its next-gen e-wallet to manage your household utility bills

Frost founders
Image credits: Frost

Wondering how intelligent automation and digital technologies can be used to provide users with more personalised, efficient, and cost-effective financial services that meet their unique needs and preferences? Frost, a British startup has come up with an innovative financial service that has been designed to provide users with a range of intelligent automation features to manage their household utility bills.

Now the Manchester-based fintech has closed its latest fundraising round, exceeding its initial funding targets. Over a period of four weeks, the company has raised £1.87 million.

Around 184 investors contributed to Frost’s campaign since it launched on March 27. In total, the company is issuing 12.12% equity to those who have invested through the crowdfunding platform.

The Seedrs campaign has reaffirmed the growing demand for tech-forward solutions, which can help individuals to get a better grip on their bills amidst the ongoing cost-of-living crisis. By using this service, users can save an estimated £1,000 per annum on their household bills, which includes bills for electricity, gas, water, and other utilities. This means that Frost’s digital account is designed to help users reduce their monthly expenses and save money over the long term.

Speaking on the company’s successful Seedrs campaign, Pawel Oltuszyk, co-founder and CEO of Frost commented: “We’re proud to see our latest fundraising campaign completed ahead of time, and above target. In working alongside Seedrs, we’ve had the opportunity to introduce our company and its platform to new audiences and new investors, all of whom seem very impressed with what we have to offer. Thankfully, this latest raise puts us in an even better position to go further in that effort and ultimately in helping more people deal with the economic realities of today.”

Power for users to conquer finances

Frost is an e-wallet provider founded by Edyta Sliwinska and Pawel Oltuszyk in 2019 in Manchester, the company offers a user-friendly platform, which is fully FCA-authorised as an electronic money institution and has already processed over £20 million of transactions for its users.

With its intuitive and easy-to-understand dashboard, Frost removes the stresses associated with previous digital account providers.

The company’s platform facilitates quick and easy payments. Being a principal member of Visa, Frost can provide its users with a dedicated Visa Debit Card associated with their accounts.

Sustainable and cost-effective solution

With the announcement of its new Broadband Switching feature later this month, it will get a certified CarbonNeutral company status. Besides this, the Save Assist feature leverages data to help users save considerably on essential household bills and provide more transparency on household utility prices.

Frost’s timely solution gives users the option to quickly compare the associated carbon footprints of different providers, enabling users to make more informed, sustainable, and cost-effective choices.

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