Ffrees Family Finance, a Sheffield, UK-based new current account provider, raised £2m in funding.
– the Technology & Innovation Fund.
– Justin Dowley, former Head of Investment Banking at Merrill Lynch Europe and Nomura Vice Chairman, and
– Kevin Parry, former group finance director of Schroders.
The company intends to use the funds to further develop its solutions.
Led by Alex Letts, CEO and founder, Ffrees provides families with a free account (available regardless of social or financial status) to build up savings by rewarding them for using the Ffrees network of over 1,000 retail and financial services providers.
Its Ffrees Money Manager lets customers create separate “Envelopes” to help control the family budget and put money aside for regular bills.
The company, which currently receives over 100 new account applications per day.