Frost is changing the way people manage their finances by automating laborious financial tasks and giving them the tools they need to monitor and grow their money at their fingertips.
By giving people greater control over their spending and helping them become more money savvy, we don’t just save them time and stress in a climate where every penny counts, we put the tools and insights they need to secure their financial future in the palm of their hand. That’s why we founded Frost – to help people conquer their finances with a service that makes everything simple.
How did you come up with the idea for Frost?
The cost-of-living crisis is squeezing people’s finances like never before. As rising commodity prices combine with energy cap rises and record-breaking inflation, more and more people are struggling to manage their money.
Traditional retail current accounts are typically a loss-making by-product for large institutional banks. They have no real incentive to improve functionality, protect consumers from corporate aggression, or create new break-through innovations which could solve their customers’ pain points.
And while the rise of neobanks has given more people visibility of their spending, this is only useful to users if it’s paired with education on how to use their money more efficiently and tools to save them time on things like searching for the best utility and insurance deals.
The integration of automated switching services with an e-wallet creates a compelling competitive advantage for Frost compared with existing neobanks.
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How has Frost evolved over the last couple of years?
The evolution of Frost has been centered around constantly striving to improve our product to offer customers the most seamless experience achievable. This process has been possible because we decided early on that we wanted to manage all aspects of our operation in-house to ensure complete control and flexibility over our product.
Since launching Frost just over two years ago, we have processed 161169 transactions with the total value of £12 mln.
What can we hope to see from Frost in the future?
We have huge ambitions for Frost – imagine the bigger impact a proactive financial services provider can make. One that doesn’t just give the user visibility on spending, but automatically switches them to the best deals for key services and suggests smart savings and investments that will grow their wealth in the long-run.
We will look to roll Frost out to the European and in time global market. The problem we are solving isn’t location-specific – and the impact we can have on users is limitless as we build on the concept and deliver new features and innovations over time.
As a business, we are committed to reducing our environmental impact and on the route to becoming carbon neutral. Our debit cards are made from 80% recycled plastic, and you can even go virtual! You can order a physical card, or activate your virtual card and start paying instantly.
The post A Chat with Edyta Sliwinska, Co-Founder at Manchester-Based E-Wallet Provider: Frost appeared first on TechRound.