Monzo Co-Founders back Fronted in £1m fundraise
Fronted have raised over £1million in a debt and equity deal, which increases their total funding amount to £2million.
Two notable round participants are the co-founders of Monzo, Paul Rippon and Gary Dolman, who were the Deputy-CEO and CFO at the UK-based challenger bank. Other distinguished investors include Baroness Kingsmill–former Chair at Monzo, Ville Vesterinen (founder Slush Conference) and Ling Lin (ex-product and international expansion at TransferWise.)
The money raised is fuel for their deposit loan business – but will also, help them establish strategic partnerships: putting Fronted places people need us most. Paul and Gary had some nice things to say about why they invested in Fronted:
“Fronted’s offering is highly differentiated and equally attractive to their customers and to me as an investor. Their focus, business model and prospects are exciting and I am delighted to join Fronted’s advisory board.” – Gary Dolman, previously of Monzo Bank, and now a venture investor at Antler VC.
“Home is where the heart is and I know as a landlord and former tenant that deposits can be difficult to pull together. That real problem needs solving and the Fronted team are doing that in a caring way using interesting modern technology. I’m delighted to be an investor and be part of their journey.” – Paul Rippon, previously of Monzo Bank, and now Chairman at GBB.
Gary Dolman will also join Fronted’s advisory board following his participation in the fundraise.
Fronted is going up against traditional property deposit alternatives which use an insurance-based model to remove the cash deposit entirely, meaning customers don’t have a deposit protected in a Deposit Protection Scheme. Fronted aims to solve the same problem, but allowing their customers to pay their deposit over 12 months, and not all up front.