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:
During its 12-year history, Cashplus has served 2.5 out of every 100 UK adults2. 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.”
ENDS
Notes to Editors
Cashplus, the trading name of Advanced Payment Solutions Ltd (APS), 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, one of the pioneers in Fintech, 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. Recently voted the Best Challenger Bank 2017 by readers of PayBefore, Cashplus continues to provide innovative banking solutions for the customers overlooked by traditional banks.
Authorised and regulated by the Financial Conduct Authority, APS has a full permission credit licence for consumer credit activities (FRN 671140). APS Financial Ltd (“AFL”), a subsidiary of APS, is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN 900002).
AFL was the first non-bank issuer to gain Mastercard membership and is a member of both the Electronic Money and The Payments Associations.
For more information, interviews, photography or further commentary please contact Niki Wheeler on 020 7758 3900 or cashplus@hellolaunch.co.uk
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