A new听online account has started beta testing ahead of its full launch in the first half of 2021.听听
Manchester-based Frost Money is in the process of developing an app with intelligent functionality to听allow users to set up an听account听and manage transactions, including听bills,听direct debits and balance transfers,听all from听one听application.听
Over 8,000 people have already signed up to use the app, with a select number听currently helping Frost to听refine听all aspects of the听service听to users during the beta testing period.听
Frost said it is听particularly听keen听to help consumers manage their money and find the best deals on the听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听finding the best deals for its customers to make switching easy, Frost鈥檚 fully online digital听account听also allows听users听to听send and receive payments using just their phone number听and听exchange currency at the听preferential听inter-bank rate for a small fee.听听
Pawel听Oltuszyk, co-founder and CEO told 老九品茶Cloud 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听Sliwinska, co-founder and chief marketing officer for Frost said in a statement: 鈥淭he seasonal break is听a valuable time听to think about finances, make New Year鈥檚 Resolutions and plan for the year ahead.听
“This is why听we听have听invited some of听our future Frost Money听community听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听experience,听so our听customers find it as easy as possible to manage their finances and keep those Resolutions for a lifetime.鈥�听