FinTech Frost heats up for growth with £1.1m investment
FinTechInvestment
Manchester-based FinTech Frost has embarked on the next phase of its growth journey after raising £1.1m in seed funding.
Frost is the app that allows users to switch and cut their electricity bills, get instant consumption alerts and in-depth analysis.
As part of the seed round, Andrew Jennings, CEO of Osun Capital, has joined Frost as Chief Strategy Officer and will work closely with co-founders Pawel Oltuszyk and Edyta Sliwinska.
Specifically, Jennings works to guide the company’s fundraising efforts, while supporting the broader Frost team to improve the functionality of its app, as well as help attract future investors.
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He said: “I invested in Frost for two main reasons: the product and the founders. From a product perspective, Frost helps customers save time and money by seamlessly switching household providers in the app.
“As founders, Pawel and Edyta have a proven track record and have personally funded Frost in its entirety from concept to launch – which is highly unusual in FinTech.”
Speaking about the company’s latest developments, Oltuszyk said: “I am delighted to have Andrew join our team. His wealth of experience will prove invaluable in our rapidly growing FinTech startup.
“With our first round of funding now closed and some fantastic investors on board, we are perfectly positioned to make a real difference to the financial wellbeing of our existing and future customers.
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“There are some super exciting things coming up in the future, and I’m looking forward to delivering them as we continue to sharpen the environmental focus at Frost.”
The foundation of Frost’s future plans is the core mission to help users save time and money through intuitive consumption insights and money-saving tools.
To meet this overall ambition, the company encourages all interested parties to invest in its next fundraising round, which is planned for the autumn.
Frost’s funding round in July has allowed the company to take on more developers as it continues to work towards its plans to reach net zero carbon emissions.
The company already has initiatives underway to strengthen its environmentally friendly practices. In particular, these measures include the production of the company’s physical cards from recycled plastic, as well as offering user insights into the relevant green credentials of various supply providers.
