Frost, a Manchester eWallet provider which was founded in May, has announced that it has raised £1.1m in funding following a successful summer of fundraising.
The hectic summer included rounding up some key investors and additions to the team, including Osun Capital MD and early investor Andrew Jennings, who has joined Frost as chief strategy officer and will work closely alongside co-founders Pawel Oltuszyk and Edyta Sliwinska to drive the company’s development, guide further fundraising efforts and support the Frost team to improve the functionality of its app.
Jennings said: “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.”
The company’s founders both also work at Manchester law firm Optimal Solicitors, Oltusyk as a founder and compliance chief, and Sliwinska as marketing chief.
Frost’s future plans include adding Google Pay a payment method, and video verification to speed up the onboarding of new customers. At the same time, the company continues to work towards its ambition to reach net zero carbon emissions. Frost also expects to seek further investment with a new fundraising round in the autumn.
Oltuszyk said: “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.”
