London-based fintech start-up Fronted, which provided credit to renters for house deposits, has closed down due to increased capital costs affecting the affordability of its credit products.
Facts
- Fronted, a fintech start-up, has ceased operations.
- Founded in 2019 by Jamie Campbell, Simon Vans-Colina, and Anthony Mann.
- Fronted helped renters afford rental deposits with monthly repayment options.
- Launched on Yobota’s core banking platform in February 2021.
- Raised over £20 million in funding from investors including Fasanara Capital, Passion Capital, TrueSight Ventures, and The Future Fund.
- Dissolved on 23 May 2023, as per Companies House filing.
- The company expressed gratitude to supporters on its website.
- Increased capital costs in the previous year led to operational challenges.
- Inability to maintain credit affordability below £100 affected customer demand.
