FinTech

A new online account has started beta testing ahead of its full launch in the first half of 2021.  

Manchester-based Frost Money is in the process of developing an app with intelligent functionality to allow users to set up an account and manage transactions, including bills, direct debits and balance transfers, all from one application. 

Over 8,000 people have already signed up to use the app, with a select number currently helping Frost to refine all aspects of the service to users during the beta testing period. 

Frost said it is particularly keen to help consumers manage their money and find the best deals on the market.

The firm said it will use AI to automatically compare utility companies and find the best deals for each user so they can switch energy providers directly from their phones.

In addition to finding the best deals for its customers to make switching easy, Frost’s fully online digital account also allows users to send and receive payments using just their phone number and exchange currency at the preferential inter-bank rate for a small fee.  

Pawel Oltuszyk, co-founder and CEO told BusinessCloud the firm is currently self-funded, but it plans to fundraise a pre-seed round “later this year when we are closer to live MVP”.

“We are aiming to get our licence from FCA, and launch in Q1 2021 and grow our user base from there. Beyond 12 months we have a list of additional features which could save a lot of time and money for our users as well as international expansion.”

On the impact of coronavirus, Oltuszyk added: “It motivated us to work very hard and launch as soon as possible. With the lockdown fully mobile solutions where you can do everything from your app are very useful, and we were aware of it.

“There is a lot of uncertainty about the economic situation. Frost is self-funded, and we are trying to spend money as wisely as possible during these uncertain times.”

Edyta Sliwinska, co-founder and chief marketing officer for Frost said in a statement: “The seasonal break is a valuable time to think about finances, make New Year’s Resolutions and plan for the year ahead. 

“This is why we have invited some of our future Frost Money community to put the service to the test during this beta testing stage and make their recommendations. By doing this, we can create the best and most user-friendly experience, so our customers find it as easy as possible to manage their finances and keep those Resolutions for a lifetime.