Manchester-based, Frost, a fintech startup has said that it plans to launch its new current account product in the first half of 2021.
The firm’s app, which has already attracted 8,000 user signups is currently going through a beta testing phase.
Speaking to BusinessCloud, Frost CEO, Pawel Oltuszyk said, “we are aiming to get our licence from FCA, and launch in Q1 2021 and grow our user base from there.”
Finding the best deals
Frost is set to be the latest in a growing-line of fintech startups offering current accounts to consumers. With many differentiating themselves through their feature-sets and user experience design, Frost has identified price-comparisons as its focus.
The current account and its app will use AI technology to automatically compare utility tariffs, alerting customers when a cheaper tariff is identified.
Frost is currently self-funded, but the firm plans to raise funds when the product is closer to launch.
“Beyond 12 months we have a list of additional features which could save a lot of time and money for our users as well as international expansion”, explains Oltuszyk.