" class="no-js "lang="en-US"> Serial scale-up CFO Ruth Jakobsen joins Flagstone to support saving platform’s high-growth fintech strategy - Fintech Finance
Monday, March 04, 2024

Serial scale-up CFO Ruth Jakobsen joins Flagstone to support saving platform’s high-growth fintech strategy

Flagstone, the UK’s leading cash deposit platform*, has bolstered its senior management team with the appointment of Ruth Jakobsen, a seasoned senior finance professional at high-growth scale-up companies.

Ruth Jakobsen brings to Flagstone a wealth of senior strategic experience, accumulated over a twenty year finance career that began as a chartered accountant with PwC. Ruth has deep expertise in how to build the necessary financial and operational infrastructure that helps fast-growth companies scale at pace.

Ruth’s most recent positions have included CFO at fintech Acin when it received a $24mn strategic investment from Lloyds, Barclays, BNP Paribas and JP Morgan; strategic finance at Moneysupermarket Group during a high-growth period; CFO at a global e-sports organisation FACEIT; and earlier in her career IPO Consultant at retailer SSP during its £1bn London listing.

Since launching in 2015, Flagstone now has over £10 billion in assets under administration (AUA) on behalf of savings customers and has become the UK’s largest cash deposit platform by the number of banks on its panel. Today customers using Flagstone have the opportunity to gain access to 200 savings accounts from 60 of the UK’s leading cash savings providers, from the largest incumbent banks to challengers.

With a customer base of over 600,000, Flagstone’s total AUA is currently increasing by more than £1 billion per quarter as it strikes more partnerships with the UK’s leading wealth management firms (such as St James’s Place) and powers more savings products for financial services providers and household brands (such as Saga and Revolut).

As part of Flagstone’s executive team, Ruth will work closely with Founder & CEO Simon Merchant to drive forward the scaleup’s commercial goals and exploit the opportunity to further disrupt the UK savings market with faster, easier and more cost-efficient fintech solutions in a high interest rate market that’s incentivising more people to save more of their hard-earned cash.

Simon Merchant, Co-Founder & CEO at Flagstone, comments: “We are delighted Ruth joined Flagstone at this important moment in our journey to becoming the UK’s largest and most digitally-advanced cash deposit platform. Ruth’s vast experience of taking companies through fast-paced growth both responsibly and effectively will be instrumental in the success of our high-growth strategy to capture market-wide appetite for better savings options and serve more savers, brands and businesses with our fintech capabilities.”

Ruth Jakobsen, CFO at Flagstone, adds: “While fintech innovation in how individuals invest was quick to arrive, similar disruption to the way we save cash proved more difficult to get right. Flagstone has taken on the challenge to make savings work harder for anyone, and the strength and breadth of the partnerships they’ve forged with banks, building societies, wealth management firms and household brands is testament to the impact they are having.

“I’m excited to have joined Flagstone’s talented, diverse and ambitious team to encourage and help more savers adapt how they interact with their savings in a digital-first way, moving their cash to maximise interest earning potential and FSCS protection, while maintaining visibility over every penny from one single dashboard.”

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