FinTech Cashplus secures a full UK banking license

By Megha Bhattacharya

FinTech Cashplus, a digital banking services provider to the UK businesses, has reportedly secured a full UK bank license. Cashplus, the UK’s newest bank, provides current account and lending services for small businesses and consumers. The development enables Cashplus to use part of the £500 million in deposits from its 1.6 million customers for lending. The firm says it aims to provide £1bn of credit to UK small businesses to support the UK’s post-Covid-19 recovery.

Cashplus Founder and CEO Rich Wagner said, “When we started out 15 years ago, we got first-hand experience of the pain that small businesses face when dealing with big banks. While big banks are slamming the door shut, we’ll be welcoming customers, opening up lending and delivering enhanced products to support them through the challenging months ahead.”

Recently, the company 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, 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.