One of the biggest raises in the UK fintech industry this year, the funds come from primary and secondary investments. Flagstone intends to utilize the first round of funding to "consolidate" the position of its cash deposit platform in the country's £1.7 trillion savings market.

The fintech adds that in order to accomplish this, it intends to use a portion of the capital to strengthen its industry relationships, customer service expertise, and brand image.

Flagstone then states that it will use the secondary investment to give its "earliest backers" "significant" profits.

Estancia Capital Partners will acquire a minority position in the business as part of its investment. Once the necessary regulatory clearances are obtained, it plans to conclude the deal in the second quarter of this year.

Additionally, Estancia has appointed vice president Keegan Mitchell and co-founder Takashi Moriuchi to the Flagstone board of directors.

Similarly, Estancia's managing director and COO, Darrin Jeffries, has been designated as a board observer.

Established in 2015 and headquartered in London, Flagstone offers savings accounts to both people and businesses through over 30 partner banks. The company boasts 600,000 customers and £11 billion in total assets under administration. The company recently partnered with SmartSave Bank and Saga.

Flagstone's co-founder and CEO, Simon Merchant, states that the most recent round of funding "gives us the firepower necessary to really capitalise on the opportunities ahead of us, whether those be through organic growth, partnership and acquisitions."