Frost, a Manchester-based e-wallet provider, announced that it has raised £1.1M since its launch in May 2022. In fact, the startup closed a seed funding in July with key investors and additions to the team. The UK company plans to launch a new fundraising round in autumn.
As part of the seed round, Andrew Jennings, Managing Director of Osun Capital, joined Frost as Chief Strategy Officer. He will work closely alongside co-founders Pawel Oltuszyk and Edyta Sliwinska to further drive the company’s exciting development plans.
Specifically, Andrew is working to guide the company’s fundraising efforts while supporting the broader Frost team to improve its app’s functionality and help attract future investors.
Andrew says, “I invested in Frost for two key reasons: the product, and the founders. From a product perspective, Frost helps customers to save time and money, allowing them to switch household utility providers within the app seamlessly. In addition, as founders, Pawel and Edyta have a proven track record. They have personally funded Frost from concept until launch, which is highly unusual in fintech.”
According to the company, its July funding round, supported by more than ten investors, has helped quickly gear up for the next growth stage, enabling it to take on more developers and provide staff with the tools to elevate service levels further.
Financial management platform
Founded by Pawel Oltuszyk and Edyta Sliwinska, Frost helps individuals receive real-time updates and notifications on their spending, giving them more control over their money and full visibility over any funding goals.
The company’s mission is to help users save time and money through intuitive spending insights and money-saving tools.
Speaking on the company’s recent developments, Pawel comments, “I’m delighted to have Andrew join our team. His wealth of experience will prove invaluable in our fast-growing fintech startup. With our first funding round now closed and some amazing investors on board, we’re perfectly positioned to make a real difference to the financial well-being of our existing and future customers. There are some exciting things coming up in the future, and I can’t wait to deliver them as we continue sharpening the environmental focus within Frost.”
In the upcoming months, Frost intends to include Google Pay as an additional payment method and video verification to speed up the onboarding of new customers.
Simultaneously, the company continues to work towards reaching net zero carbon emissions. The company already has initiatives underway to bolster its eco-friendly practices. Notably, these measures include manufacturing the company’s physical card from recycled plastics and offering user insights into the relevant green credentials of different utility providers.