I am really excited to share some news today. Recently we raised over £1million in a debt and equity deal, which increases our total funding amount to £2million.
Two notable round participants are the co-founders of Monzo, Paul Rippon and Gary Dolman, who were the Deputy-CEO and CFO at the UK-based challenger bank. Other distinguished investors include Baroness Kingsmill–former Chair at Monzo, Ville Vesterinen (founder Slush Conference) and Ling Lin (ex-product and international expansion at TransferWise.)
The money raised is fuel for our deposit loan business - but also, it will help us establish strategic partnerships: putting Fronted places people need us most. Paul and Gary had some nice things to say about why they invested in Fronted:
“Fronted’s offering is highly differentiated and equally attractive to their customers and to me as an investor. Their focus, business model and prospects are exciting and I am delighted to join Fronted’s advisory board.”
Gary Dolman, previously of Monzo Bank, and now a venture investor at Antler VC.
"Home is where the heart is and I know as a landlord and former tenant that deposits can be difficult to pull together. That real problem needs solving and the Fronted team are doing that in a caring way using interesting modern technology. I'm delighted to be an investor and be part of their journey."
Paul Rippon, previously of Monzo Bank, and now Chairman at GBB.
I'm pleased to say that Gary will also join Fronted's advisory board following his participation in the fundraise.
If you are following our story, you'll know that Fronted is going up against the deposit alternatives which use an insurance-based model to remove the cash deposit entirely, meaning customers don’t have a deposit protected in a Deposit Protection Scheme. Fronted aims to solve the same problem, but allowing a customer to pay their deposit over 12 months, not all up front.
We are more confident than ever in our mission and this recent support is testament to the hard work of the whole team who have pulled together over the last 12 months – through some hard and weird shit! – to get us where we are today.