UK Fintech Savings Platform Flagstone Doubles Assets under Administration to £13.5 Billion

Flagstone, the UK's top cash deposit platform, has seen Assets under Administration (AUA) surge by £1 billion quarterly, reaching £13.5 billion since January 2023.

In a significant development within the fintech sector, Flagstone, the UK's premier cash deposit platform, has announced that it has more than doubled its Assets under Administration (AUA) since the beginning of 2023. As of now, the company's AUA stands at an impressive £13.5 billion, reflecting a consistent growth trend of over £1 billion per quarter over the past 18 months. This surge not only highlights the platform's robust performance but also underscores a growing consumer preference for competitive cash savings options.

Flagstone's success is further evidenced by a substantial increase in its customer base, which includes individuals, small and medium-sized enterprises (SMEs), and charitable organizations. This uptick in clientele signals an accelerating adoption of Flagstone's innovative fintech solutions, as more consumers and businesses seek to optimize their cash savings strategies. Notably, between March and July 2024, the number of active customers utilizing Flagstone's savings services surged by 21%, rising from 600,000 to 725,000. This remarkable growth in active users indicates a heightened interest in the platform's offerings and its ability to meet the evolving needs of savers.

In recent months, Flagstone has reported record-high inflows of new funds from savers, further solidifying its position in the market. A striking 45% of the accounts currently available through Flagstone offer returns of 4.5% AER or greater, which is more than double the current inflation rates. This competitive edge has positioned Flagstone's savings accounts prominently on comparison sites' best-buy tables, making them an attractive option for those looking to maximize their savings.

The fintech landscape has been evolving rapidly, with consumers increasingly turning to digital platforms for their financial needs. Flagstone's user-friendly interface and commitment to providing competitive interest rates have played a crucial role in its growth. The platform's ability to cater to a diverse range of customers—from individual savers to larger organizations—demonstrates its versatility and appeal in a crowded market.

As the demand for cash savings options continues to rise, Flagstone's innovative approach to fintech is likely to attract even more customers. The company's focus on transparency, ease of use, and competitive returns has resonated well with savers who are looking for reliable ways to grow their funds in an uncertain economic climate.

Flagstone's impressive growth in Assets under Administration and its expanding customer base reflect a significant shift in consumer behavior towards cash savings. With competitive interest rates and a commitment to customer satisfaction, Flagstone is well-positioned to continue its upward trajectory in the fintech space. As more individuals and businesses seek effective ways to manage their savings, Flagstone's innovative platform is likely to remain a top choice for savvy savers across the UK.