FinTech Frost has closed all of its retail consumer accounts.
The Manchester startup, which featured prominently on our FinTech 50 innovation ranking last year, provided digital accounts to the B2C market.
Founder Pawel Oltuszyk told BusinessCloud that it would instead provide its core banking technology and customisable mobile app to other financial institutions in a B2B pivot.
Its team of around 10 staff remain in place, including co-founder Edyta Sliwinska and Andrew Jennings, investor and managing director of Osun Capital.
Jennings was named chief strategy officer when he contributed to a £1.1 million round of seed funding in 2022. A £1.87m crowdfunding fundraise then followed last year.
“We would like to inform you that, as of 7th February 2024, we have officially closed all Frost accounts,” read a statement on the company website. “Unfortunately, we are no longer able to offer our consumer-facing account services.”
No new registrations for the B2C accounts had been accepted from 8th December 2023, Frost said.
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“All customers were notified and supported to find a new home for their money management needs before account closure,” it added.
Frost said its in-house technology and smart automation tools had “brought revolutionary time and money-saving features to thousands of customers… committed to helping people conquer their finances, we plan to use this technology within the industry to help other financial institutions do the same”.
The tech will be offered to FinTechs, banks, eCommerce companies and other brands. Use-cases may include energy and broadband switching and intuitive spend tracking.
It is expected to be available later this year.