"Cashplus has reached this milestone at the moment when UK small businesses need us most."
SME challenger lender Cashplus has been granted a full UK banking licence by the Prudential Regulation Authority.
Founded in 2005, Cashplus provides current account and lending services for small businesses and consumers. To date, the bank has served more than 1.6m UK customers and holds c.£500m in deposits.
As a bank, Cashplus can use part of its £500m of customer deposits for lending and aims to provide £1bn of credit to UK small businesses to support the UK’s post-Covid-19 recovery.
Founder and CEO Rich, Wagner, said: “Cashplus has reached this milestone at the moment when UK small businesses need us most. When we started out 15 years ago, we got first-hand experience of the pain that small businesses face when dealing with big banks.
"These same small companies will be crucial to the UK’s economic recovery and they will need a bank that takes them seriously, providing what they need to be successful. So, while big banks are slamming the door shut, we’ll be welcoming customers, opening up lending and delivering enhanced products to support them through the challenging months ahead.
"We are manically focused on what customers really need. We don’t go in for gimmicks or flashy functionality for the sake of it. Instead, we look at simple, effective products with honest and transparent pricing. This discipline allows us to focus on the things that really matter, like having the data capabilities to underwrite new businesses that get turned away elsewhere. And, our no-exceptions commitment to sustainable products means that we are able to serve even the smallest businesses and provide what they need, say, a credit line as small as £500 for a laptop or some urgent supplies."