News from the Wire

E-money firm Frost reports successful summer fundraising

Monday, September 26, 2022 — 12:16:34 (EDT)

MANCHESTER; Monday 26th September, 2022 — Frost, the e-money institution helping people take back control over their finances, has embarked on the next stage of its growth journey following a successful summer of fundraising. Since launching in May 2022, the innovative e-wallet provider has raised £1.1 million. Notably, in July the business closed a major seed funding round with key investors and additions to the team.

As part of the seed round, Andrew Jennings, Managing Director of Osun Capital has joined Frost as Chief Strategy Officer and 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 whilst also supporting the broader Frost team to improve the functionality of its app, as well as helping to attract future investors.

Speaking on his decision to join Frost’s team, Andrew commented: “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 seamlessly switch household utility providers within the app. As founders, Pawel and Edyta have a proven track record and have personally funded Frost in its entirety from concept until launch – something which is highly unusual in fintech.”

Frost’s July funding round has helped it to quickly gear up for the next stage of growth, enabling the company to take on more developers, as well as providing staff with the tools to further elevate service levels. With a whole host of new capabilities in the company's roadmap, including Google Pay as an additional payment method, and video verification to speed up the onboarding of new customers, Frost is already in a position to seek further investment and is aiming to launch a new fundraising round in autumn.

At the same time, the company continues to work towards its plans to reach net zero carbon emissions. As an e-money institution startup, Frost is uniquely placed to challenge the big players in this field. 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, as well as offering user insights into the relevant green credentials of different utility providers.

Speaking on the company’s recent developments, Pawel commented: “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 wellbeing of our existing and future customers. There are some super exciting things coming up in the future and I can’t wait to deliver them as we continue to sharpen the environmental focus within Frost.”

Underpinning Frost’s future plans is its core mission to help users save time and money through intuitive spending insights and money-saving tools. In looking to meet this overarching ambition, the company is encouraging any interested parties to invest in its next fundraising round, which is slated for autumn. Those interested in finding out more about the opportunity should contact Andrew Jennings.

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Source: Company press release.