Cashplus Joins the UK’s Leading Financial Body as it Continues its Journey to Become an SME Specialist Bank

The leading digital challenger to banks, which provides award-winning real-time, any-time banking services to over 1.3m UK customers including 110,000+ small businesses, has become a member of UK Finance.

Representing nearly 300 leading firms that provide credit, banking, markets and payment-related services, UK Finance was formed in 2017 when six major bodies were consolidated to represent the finance and banking industry operating in the UK.

Rich Wagner, CEO of Cashplus says ‘As the process of becoming an SME specialist bank is well underway, it’s important for us to be part of a collaborative network of financial leaders, such as UK Finance, who share our values and are passionate about innovating and shaping the industry to keep the UK on the map as leaders of global finance.’

ENDS

Notes to Editors

Cashplus, the trading name of Advanced Payment Solutions Ltd (APS), has been FCA authorised and regulated for over a decade. 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 non-bank 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 even though it’s not a Bank yet, Cashplus continues to provide innovative banking solutions for customers typically 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 Emerging Payments Associations.

UK Finance is a trade association formed on 1 July 2017 to represent the finance and banking industry operating in the UK. It represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.