Frost secures £1.1m in seed funding to advance its e-money platform and developer hiring.
The company has closed a seed round involving backers such as Andrew Jennings to fund application improvements and team growth.
Frost is a Manchester-based digital account provider offering automated financial management and utility switching tools. The platform helps users navigate household expenses and manage payments securely.
Manchester-based e-money provider Frost has secured £1.1m in a seed funding round closed in July. The capital will support platform enhancements and team expansion as the firm prepares for further fundraising in the autumn.
The financing follows the company launch earlier in the year and incorporates backing from investors including Andrew Jennings, who has also joined the executive team as chief strategy officer. Frost aims to use the resources to scale its developer headcount and introduce new features such as Google Pay.
The business continues to position itself as a sustainable alternative in the financial technology sector, pursuing net zero goals alongside its commercial expansion. Leadership plans to build on current traction to challenge established financial institutions.
From the founder
"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."
Pawel Oltuszyk
Co-founder and CEO at Frost
Investor perspective
"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."
Andrew Jennings
Managing Director, Andrew Jennings
Use of funds
- 01Grow the team
- 02Continue product development