LONDON — November 30, 2021 — With the FCA’s authorisation, customers who use the Frost app can now have full confidence that the company will properly secure and protect their money and personal information.
Frost offers customers a new way to automate their finances. The forward-thinking platform benefits from an Artificial Intelligence engine called ‘Save Assist’, which automatically compares utility companies in order to find customers the best prices and deals in their area. As a result, the company’s e-money account can help customers to generate significant time savings when making important financial decisions.
Frost’s overall goal is to become a market leading e-money challenger, which simplifies mundane and time-consuming everyday tasks. The platform helps to make financial transactions and payments easy, providing customers with a UK account number, sort code and IBAN in a matter of minutes.
By using Frost, customers have access to detailed spending insights and can receive instant notifications to alert them when they’re overspending. Similarly, the mobile application allows users to set simple saving goals, helping to foster greater financial responsibility amongst those who use it. The application also facilitates more cost-effective spending abroad by allowing customers to exchange foreign currency at the inter-bank rate, plus a small fee.
Speaking on the FCA’s full authorisation, Pawel Oltuszyk, Co-Founder and CEO of Frost commented: “This is a seismic moment in Frost’s journey to market and will allow us to take a number of important next steps towards our launch plans. We’re very grateful to the FCA for putting its full trust in us and the services we provide, which will soon help to transform people’s relationship with money for the better. We’re now totally focused on 2022 and the exciting plans we have in store.”
Moving into the new year, Frost will continue to refine and adapt its mobile application and is already working on a number of inventive new features to add to its existing array of technologies. The Manchester-based startup, which already has over 14,000 people on its application waiting list, will use the approval to ramp up its imminent launch plans. The e-money institution is set to make more announcements soon, which will further highlight how close it is to achieving this goal.
In line with these plans to rapidly scale its operations, the company, which is currently entirely self-funded, is now seeking external capital from appropriate investors. With further financial backing Frost will be able to deliver even greater change in the e-money sector.