Flagstone, the UK’s leading cash deposit platform, confirmed today that they have received regulatory approval for a new business, Flagstone International Limited, from the Jersey Financial Services Commission.
The Fintech company, headquartered in London, provides clients with the benefit of being able to move money between the deposit products of multiple bank partners post a single on-boarding journey, saving time and providing a simple solution to achieving a higher return on cash deposits.
The new business, which will establish offices in Jersey later this year, will initially launch to clients of Intertrust Group (Jersey), the global specialised administration business, before working with other clients and expanding into other jurisdictions. Flagstone International has also partnered with HSBC Channel Islands and Isle of Man, who will provide key operational services and support for the new business.
Andrew Thatcher, Co-Founder of Flagstone and CEO of Flagstone International commented: “We are delighted to establish our new business because our research shows that there is a tremendous opportunity to build on our existing expertise in this space and offer our platform to international clients. The inertia of cash stuck in low interest-bearing accounts, due to the time required to open new accounts, is far-reaching. To be able to do this with companies of the calibre of Intertrust Group and HSBC make this opportunity even more compelling from our perspective and we look forward to long and mutually beneficial partnerships”.
Aline Ayotte, HSBC Head of Commercial Banking, Channel Islands and Isle of Man, said: “We are delighted to have the opportunity to work with Flagstone in Jersey, building on the existing relationship we have with the business in the UK and we look forward to being able to support the growth of their business across the Channel Islands and beyond “
Paul Eva, Head of Private Wealth, Intertrust Group, said: “We have known Flagstone for a number of years and have been talking to them about the development of their solution for the international market for some time, so we are delighted to partner with them on the launch of the new business and believe that their service will solve for a key issue which is common to many clients in offshore territories around the world.”