UK fintech start-up Fronted closes down
Fronted, a London-based fintech start-up that provides credit to help renters afford house deposits upfront, has closed down.
Fronted has shut down
Founded in 2019 by Jamie Campbell, Simon Vans-Colina and Anthony Mann – former employees of Bud Financial, Monzo and Apple respectively – Fronted helped renters finance their rental deposits with the option to pay the sum back monthly. The fintech went live on Yobota’s core banking platform in February 2021.
In the last four years, the start-up had raised over £20 million in debt and equity funding from investors including Fasanara Capital, Passion Capital, TrueSight Ventures and The Future Fund.
Fronted was dissolved on 23 May 2023, according to a Companies House filing.
“After an incredible journey together, we’re saying farewell to Fronted. Thank you for being part of our journey, your support made it all possible,” the company writes in a note on its website.
In an interview with Tech.eu, Jamie Campbell, co-founder and CEO of Fronted, says the firm decided to wind down operations following an increase in capital costs last year, which led to difficulties in offering its credit products to customers at a fair price.
“We knew that we had good results when customers were paying around about £50 for it, but the shift in the market meant we couldn’t offer it for less than £100, and the price elasticity for our customers just wasn’t there,” Campbell tells Tech.eu.
