One of the few fintech players to achieve scale with a suite of banking solutions and credit products without being a bank, Cashplus continues to prove what’s possible by announcing two new, three-year funding arrangements totalling £30m. Senior debt facilities will be provided by NatWest/RBS with BCI Finance, the investment division of Blenheim Chalcot providing mezzanine financing.
Cashplus has seen a huge demand for its banking services providing specialised credit products through its digital and mobile platform. With over 1.3m customers since inception, the company has provided £180m in finance over the past 5 years, focusing on the SME sector. Often regarded as the original disruptor in the fintech space, Cashplus will use these new funding lines to expand its credit offerings – primarily investing in and strengthening its crucial support for SMEs.
The news comes after a series of announcements which demonstrate Cashplus remains ahead of the fintech curve, reporting a 6th year of profitability in June and the launch of its API in March. With a 28% uplift in revenues and 36% increase in profit, the company reported a £5.6 million EBITDA proﬁt for the year ended March 2017. At a time when other fintech’s are vying for a share of available profits and alternative forms of lending, Cashplus leads the field.
Richard Wagner, the CEO of Cashplus said:
“We continue to see strong demand for our SME and consumer products as we build out our strategy to be the first-choice digital challenger to banks. This is an exciting opportunity for us and this continued investment in Cashplus will allow us to accelerate our growth especially in the SME market, which is the backbone of the UK economy. The RBS and BCI teams have a depth of expertise and we look forward to working closely with them over the coming years”.
WANT TO BUILD A FINANCIAL EMPIRE?
Subscribe to the Global Banking & Finance Review Newsletter for FREE Get Access to Exclusive Reports to Save Time & Money
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
Peter Keane, Director, RBS Speciality Finance added:
“The Royal Bank of Scotland Speciality Finance is delighted to support Cashplus as the business enters its next phase of growth. Management have built an exciting fintech platform with products and services tailored to SMEs and consumers. We delivered a bespoke facility to support its credit products, including the Cashplus credit card, and look forward to working together”