The pre-seed round was backed by GC Angels to support product development and user acquisition.
"There has always been an element of awkwardness when trying to gather money from friends for expensive group bookings – we wanted to introduce a platform that would remove the burden from individuals and make their lives easier. As we move closer towards a cashless society, we believe that exchanging money between friends and family should be a completely seamless process, which is why the average Collctiv transaction takes only 10 seconds."
The investment round was led by OMERS Ventures with support from existing backers Kindred Capital and Moneysupermarket Group.
"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 every day to support clients with protecting their cash deposit investments. This new financing will support the acceleration of our plans to extend our penetration of the UK market to new customer segments."
The seed round was led by Force Over Mass with backing from Backed and Acrew Capital.
"The current payments systems used by credit card companies and most traditional banks were designed 40 years ago and have become archaic, not to mention costly and inefficient for businesses to use. It’s time we welcomed the future of payments and given the current state of the economy, businesses need this now more than ever."
The fintech app secured backing from over 4,000 retail investors after more than doubling its initial fundraising target.
"We’ve seen unprecedented growth during these difficult times, which demonstrates that Chip is incredibly useful for putting money aside for safety net and emergency funds."
DSW Angels led the Series A round to support platform development and business expansion.
"The last few years have been incredibly exciting for us. This new investment will enable us to further build a stable and scalable platform for growth. Our customer-first approach means that people trust us and come back year after year. We now serve thousands of students, young professionals, families and others with our all in one service. Dale and I are excited about the next stage of growth which will include expanding the team based in Newcastle."
