Cashplus announces banking intentions
Written by Anthony Strzalek
Digital challenger Cashplus has announced that it will be submitting a banking licence application, consolidating its instant online decision, real-time, anytime banking services and specialised lending products.
The move will allow Cashplus to convert most of the £200 million in customer safeguarded funds it currently holds into bank deposits as well as expand its credit lending to thousands more UK entrepreneurs, via credit cards and overdrafts.
It will also allow Cashplus introduce new lending products specifically designed for the 5.4 million small businesses in the UK and also to better serve its customer base.
Rich Wagner, CEO and founder of Cashplus, said: “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.”
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.”