Cashplus Bank announces Colin Webb as Operations Director
- Webb will lead crucial operations and customer services functions as Cashplus aims to capture 10% of UK SME banking market
- Appointment marks continued investment in the North West, with plans to create 150 jobs in the region over the next five years
- Webb formerly held senior operations roles at Santander, Barclaycard and ASDA
29th October 2021: Leading digital challenger Cashplus Bank today appointed Colin Webb as Operations Director, leading the company’s customer operations, operations risk, and business services functions from its location in North West England.
Webb joins with over 20 years’ experience in financial services, retail and telecommunications across businesses including Barclaycard, ASDA and most recently, Santander. Webb will report directly to Cashplus Bank CEO, Rich Wagner with responsibility for developing the fintech challenger’s customer contact strategy and other key areas including financial crime and fraud prevention.
Webb will be tasked with growing the company’s operations to support its ambitious growth plans as it aims to capture 10% share of the UK SME banking market and expand small business lending following authorisation as a bank in February this year.
With more than 100 people already employed in Liverpool and Birkenhead, Cashplus plans to create 150 jobs in the region over the next five years and is currently also piloting a new regional business development strategy, hiring local staff to support SME customers in the region. The North West has been chosen as the starting point for this programme, recognising the importance of a region with over 560k registered companies and a high start up rate of around 75k new businesses per year.
As one the of the UK’s leading fintech challengers, Cashplus has served over 1.6m customers with banking and lending services aimed at UK small businesses and consumers. Following receipt of its bank licence, Cashplus is able to use a portion of its £500m customer deposit base for lending and aims to provide £1bn of credit to UK small businesses to support the UK’s post-Covid-19 recovery.
Cashplus Bank Founder and CEO Rich Wagner said: “We’re delighted to welcome Colin. Since receiving our banking licence earlier this year, we’ve set out some ambitious plans to help support businesses across the UK. Many high street banks slammed the door shut on sole traders and small businesses looking to open an account during the pandemic, while we remained open throughout. Our operations and customer service capabilities were absolutely crucial to this and will be key to support our ambition of serving 10% of all UK SMEs over the next five years.”
Colin Webb, Cashplus Bank said: “I'm thrilled to be joining Cashplus at such an important time. As the economy begins to recover from the Covid 19 crisis, it’s crucial that small businesses have access to better tools to support their growth and digital banking is where the best of this innovation is happening. Cashplus has exciting plans in this space, and I can’t wait to get started.”
Cashplus currently serves 7% of all new UK businesses and, as company formations hit record monthly highs during the Covid-19 crisis, Cashplus expects to grow its share of this market to at least 10% within the next three years and capture 10% of the total SME market within five. To achieve this, the company will focus its product and customer service development around the needs of the 600k new companies registered in the UK each year and the 5.7m businesses with fewer than 10 employees.
Cashplus is a leading UK challenger bank with a 15-year track record of digital innovation, dedicated customer service and strong financial performance. A true fintech pioneer, we offer faster, smarter, simpler banking services for the entrepreneurs, independent businesses and consumers that power the UK economy, yet are too often overlooked by high street banks. Since 2005, we’ve created easier ways for more than 1.6m customers to pay, bank and borrow through our user-friendly digital platform, delivered a string of fintech firsts and built a sustainable, growing business providing more than 250 jobs in the UK with locations in London, Liverpool and Birmingham.
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