LONDON — E-money institution Frost has become a principal member of Visa, a world leader in digital payments, to further its mission of helping working professionals conquer their finances. The company is now ready to issue Visa debit cards and launch its app, bringing a multitude of different financial services together in one digital space.
According to research, 94% of UK working professionals have money worries. It’s in this economic climate, amid a rise in the cost of living, that Frost founded its e-money app. Its aim is to take the stress out of money management through a simple and easy-to-use interface. Customers can use the app to send and receive money, view a breakdown of their spending by category, ‘freeze’ a certain amount of money to keep aside for savings, and switch energy providers.
Today, the average person in the UK spends almost £200 a month on ‘impulse purchases’. Within the Frost app, users can easily keep track of money coming in and out, and set up notifications on suggested ways they can make savings each month. What’s more, younger consumers are increasingly conscious of their impact on the environment, including whether their energy provider is the most sustainable. The Frost app provides a way for people to reduce their carbon footprint, by suggesting alternative utility providers that align more closely with their values.
Now, as a principal member of Visa, Frost is launching its own Visa debit card which is both fully recyclable and made from recycled materials.
“Partnering with Visa is one of the best moves we’ve made as a business,” says Frost Chief Executive Officer Pawel Oltuszyk. “It was clear that Visa immediately ‘got’ what we are trying to achieve with Frost, and they’ve been incredibly supportive in helping us reach principal member status ready for our launch. We’re now better placed than ever to deliver a smarter way for the UK’s working professionals to deal with their finances.”
Jill Docherty, Head of Business Development, UK&I at Visa comments: “Fintech companies play a crucial role in driving innovations that meet specific consumer demand. We’re delighted that Frost has become a principal member of the Visa network, to enable more working professionals to feel confident in managing their money.”
Following a beta phase, Frost’s innovative e-money offering is due to launch in early 2022.