Cashplus agrees to acquire icount’s current account portfolio

By Megha Bhattacharya

UK-based banking and credit services provider Cashplus has reportedly signed a definitive agreement for acquiring the current account portfolio of icount for an undisclosed amount. The companies have stated that the deal will see five thousand accounts and £2 million in monthly transactions migrated from icount to Cashplus. The acquisition is expected to close in early 2021.

Cashplus CEO Rich Wagner said, “2021 is set to be a very exciting year for Cashplus. Our anticipated upcoming authorisation as a bank will allow us to better serve the UK small businesses and consumers that need our banking and credit services, and I’m pleased that we’ll be starting the year with this acquisition as a sign of our confidence.”

This year, IBS Intelligence reported that Morgan Stanley is all set to replace the existing premier cash management program with the launch of CashPlus. The new generation cash management platform serves clients by putting their cash activities at the front and center. It is associated with offers which provide a wide range of benefits and a seamless digital experience. The new account also helps clients by providing them with financial advises based on their financial situations.

Cashplus, the product brand of Advanced Payments Solutions Limited, is a provider of prepaid MasterCards and current account for consumers, small businesses and local government authorities in the UK. Introduced in September 2005, Cashplus was the first prepaid credit card to be launched in the UK.