International law firm CMS has advised fintech company Flagstone on a £108m investment from US private equity firm Estancia Capital Partners.
Launched in 2015, Flagstone has grown to become the UK’s largest cash savings platform by the number of banks and savings accounts on its panel, with over £11 billion of Assets under Administration. Flagstone will use this funding to further accelerate its growth as UK market leader. Under the terms of the deal, Estancia will take a minority stake in Flagstone.
CMS Corporate partner Tom Jameson commented: “We are delighted to have advised Flagstone on this latest deal. Flagstone is a long-standing regulatory and corporate client of the firm, having advised from their launch and then supporting them as they have scaled to become the largest fintech platform in the cash deposit space. This latest transaction seals a great partnership for Flagstone with Estancia, and further demonstrates CMS’ expertise and capabilities in advising the very top of the fintech market.”
Simon Merchant, co-founder and CEO of Flagstone, added: “We look forward to working with the Estancia team, whose investment and market expertise will complement the strength of our team. We are very grateful to Tom and the team for their support and advice through this transaction. We have worked with CMS for many years and continue to be impressed by their in-depth knowledge of the fintech sector and legal excellence.”
The CMS team was led by Tom Jameson, and included Sarah Kensell, Jasmine Lam, Keith Martin and Anthea Pei (Corporate); Ash Saluja and James Dickie (FS Regulatory); Andrew Quayle and Stacey Callaghan (Employee Incentives); Mark Joscelyne and Denisa Balint (Tax); and Kate Darracott and Claire Wilson (US Securities).
