Three months after Frost launch, the Polish fintech in UK handled transactions worth £12M. It has just raised £1.2M from investors for further development.
Two Poles, Paweł Oltuszyk – an IT specialist, and Edyta Śliwińska – a financier, came to the UK over 10 years ago. They wanted to improve their language skills. Their stay was extended thanks to the fact that they developed a couple of thriving businesses. Currently, they are working on the Frost, which has a chance to change the current vision of saving money.
Before that, they ran a technology company providing marketing solutions for the legal sector. When a change in British law allowed non-lawyers to own law firms, in 2012, they rebranded as a law firm. Now they employ over 100 lawyers, and launched a company specializing in legal advice in the medical sector.
Income from these ventures made it possible to allocate more than £1M to develop a new business independently. However, the Polish fintech in UK is not just another mobile banking application. Its advantage is evidenced by the dynamically developed model of automated saving. It takes care of users’ wallets by searching for more good offers for services requiring recurring monthly fees. The application determines the providers of individual services based on the user’s address. It lists the best offers that can be used without any formalities and additional costs. At the same time, Frost is a licensed financial institution whose customers have accounts and pay with its cards. Thanks to this, it knows more about its finances and can offer better-suited saving methods.
The energy supplier switching module
So far, the Polish fintech in UK has implemented the energy supplier switching module. Soon this functionality will be extended to include telecommunications and insurance companies. Making mortgage refinancing as simple as possible will also be possible, saving customers up to £600 a year.
Based on the current financial situation, there are plans to launch the possibility of investing money in financial instruments in real time. The company secured additional funds for this purpose. Investors supported the company with £1.1 million in July 2022.
The company is also an independent issuer of Visa cards. The lack of intermediaries when issuing cards means that commissions from payments made with them go entirely to Frost’s account.
This year, the Polish fintech in UK wants to expand its activities to the EU and the rest of the world in the future.
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