Manchester FinTech, Frost, has closed its latest fundraising round, raising £1.87m over a four-week period.

Frost is the app that allows users to switch and slash their utility bills, get instant spending notifications and in-depth analytics.

A total of 184 investors contributed to the latest crowdfunding campaign, which followed a  £1.1m  raise in seed funding in 2022.

Speaking on the raise, Frost co-founder and CEO Pawel Oltuszyk, said: “We’re proud to see our latest fundraising campaign completed ahead of time, and above target.

“In working alongside Seedrs, we’ve had the opportunity to introduce our company and its platform to new audiences and new investors, all of whom seem very impressed with what we have to offer.

“Now our focus shifts to utilising this raise in a manner that delivers extra value to our customers, as well as our investors.

“Across Britain, everyone is worried about the cost-of-living crisis but tools like Frost are helping to give individuals more power to fight back.

FinTech Frost warms up for growth with £1.1m investment

“This latest raise puts us in an even better position to go further in that effort and ultimately in helping more people deal with the economic realities of today.”

Frost uses intelligent automation to connect users to utility providers, enabling them to save an estimated £1,000 per annum on household bills.

The platform and has already processed over £20m of transactions and enables users to get a better grip on their financial affairs, while facilitating quick and easy payments.

What set Frost apart is its automated and intelligent, Save Assist feature that leverages data to help users save considerably on essential household bills.

Frost’s timely solution gives users the option to quickly compare the associated carbon footprints of different providers, enabling users to make more informed, sustainable, and cost-effective choices.

The FinTech was founded by Oltuszyk and Edyta Sliwinska.

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