UK Digital Bank Cashplus Expands Lending Business to SMEs
(18 February 2021 – United Kingdom) Earlier this month Cashplus were granted a full UK banking licence after 15 years of providing lending and credit services to corporate customers. The digital bank plans to raise a minimum of £50 million in capital funding throughout this year. This will be used to support growth across all corporate sectors and facilitate higher levels of deposit funding for Small and Medium Enterprise(SME) lending.
So far, the bank has lent more than £640 million across all its lending product since 2005. The advantages in proprietary Artificial Intelligence (AI) technology have enabled the bank to drive consistent credit performance even throughout the Covid-19 pandemic.
Cashplus will soon be able to offer SME focused digital banking products which includes features such as automated integration to accountancy platforms and Google Maps-powered payment tracking to help small businesses automatically assign expenses to various business projects.
“Where some firms have burned through piles of cash in the pursuit of customer growth at all costs, our cash generative model means that we can grow with confidence and deliver outstanding returns. Now we’re a bank, there is a tremendous amount of potential waiting to be unlocked by an outside investor looking to back a tried-and-true business with an established position in the SME fintech space” commented Cashplus CEO, Rich Wagner.