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Cashplus Announces Plan to Become a Bank

Cashplus Announces Plan to Become a Bank

Cashplus, Britain’s original, and only profitable digital challenger to banks, today announces its intention to submit a banking licence application. Cashplus is well positioned to become the ‘Now Generation’ bank, with its instant online decision, real-time, anytime banking services and specialised lending products.

The bold move will allow Cashplus to:

  • Convert most of the £200 million in customer safeguarded funds it currently holds into bank deposits
  • Expand its credit lending to thousands more UK entrepreneurs, via credit cards and overdrafts, who often need small micro-finance loans to make their business dreams a reality
  • Introduce new lending products specifically designed for the 5.4 million small businesses that form the backbone of the UK economy
  • Serve its sizeable existing customer base, which includes nearly 100,000 small business owners, even more effectively

During its 12-year history, Cashplus has served 2.5 out of every 100 UK adults. Cashplus has also designed a digital current account which is fully managed by its customers via a smartphone. This account was specifically created for the small business and personal customers it serves, who may have been overlooked by the high street banks.

PwC, Cashplus’ banking licence advisors, said “We are delighted that Cashplus has chosen to work with PwC on this important project. We look forward to helping Cashplus expand the range of products and services it offers, to grow its business.”

Rich Wagner CEO & Founder of Cashplus explained: “We’ve been shaking up the banking sector from the outside as a digital challenger to banks. Working from the inside will mean we have the scope to provide even more services for customers who’ve been overlooked by the traditional banks. I’m fed up at the raw deal these customers have been getting so, I’ve decided to get a banking licence to give them the best deal possible.”

Cashplus, the trading name of Advanced Payment Solutions Ltd, has been FCA authorised and regulated for the past 11 years. During this time, it has amassed a string of ‘Firsts’, including the first non-bank to offer banking services through the 11,500 Post Office branches and the first to introduce an instant online business current account.

Cashplus has developed a wide range of digital banking services, which challenge the traditional banking model. Through its proprietary technologies, award winning products and superior in-house data analytics, Cashplus has been able to offer over 1.3 million customers fast, convenient and transparent banking solutions to efficiently manage their finances and business cash flow.

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