Cashplus Expands with £30 Million Debt Facilities Led by RBS
Cashplus, a London-based alternative financial services provider—and Top 5 Best Challenger Bank—has announced two new, three-year funding arrangements totaling £30 million (US$40.52 million).
Senior debt facilities will be provided by NatWest/RBS with BCI Finance, the investment division of Blenheim Chalcot, providing mezzanine financing.
Although not a bank, Cashplus says it has seen a huge demand for its banking services providing specialized credit products through its digital and mobile platform. With more than 1.3 million customers since inception, the company has provided £180 million (US$243 million) in financing over the past five years, focusing on the SME sector.
Cashplus will use these new funding lines to expand its credit offerings—primarily investing in and strengthening its SME products.
The news comes after the company reported its sixth year of profitability in June and the launch of its API in March. With a 28 percent uplift in revenues and 36 percent increase in profit, the company reported a £5.6 million (US$7.55 million) EBITDA profit for the year ended March 2017.
“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,” says Richard Wagner, CEO of Cashplus. “This continued investment in Cashplus will allow us to accelerate our growth, especially in the SME market, which is the backbone of the U.K. economy.”
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Cash plus theft of funds
Now cash plus have £17k paid to them from my pension fund, South Tyneside Council pension. Cash plus authorised the payment from the council pension fund to their account, plus I sent certified addressed letters from pension company to cash plus with my account number, all they have to do is pickup the phone up and call the number to verify payment. Instead they have asked me to obtain a remitance slip of payment from my pension fund to them, then have it certified then post it in so they can withhold my funds even longer which they have done since 25 November already. This has to be theft I have supplied licence, pasport, bank statement letters from pension fund, house title deeds, and more to prove my identity. DO NOT OPEN AN ACCOUNT WITH THESE THIEVES………. Engaging soliciter tomorrow, I’ll also be adding costs to persuing my money back from these thieves.
I opened a cashplus account on 25 september 2019, on 25 november I had £16,269.26 my pension paid directly to a cash plus account from South Tyneside Council Pensions so this account and card could be used when I travel abroad as I was going on a trip to Australia for Christmas etc. On 16th November my pension fund paid another £633.54 into this account ( I Have suspended any future pension payments to Cashplus now) However since opening this account and my pension deposited I have been unable to access this account at all,and been locked out. The help line totally useless and the stuff I have emailed them in past to the link they provided, licence passport bank statement , I have now been told this needs to be sent by mail and stamped at PO as proof of ID and address. This lot keep moving the goal posts and dispute my best efforts I’m still not able to access anything or even recieved a statement.I also sent £1 from my Halifax account and £1 from Barclays so cash plus could link payments to both banks further proof of address and ID ..
Watch this space…. extremely sick of this non service.
Still waiting now Saturday 15th no call back and even refusing to even send me out a statement of my account balance, aye, why not to bank here
I agree what this too people said is true this Cashplus bank is not a good bank to recommend people the same way to me I OPEN account in February till now I cant use my account I TRANSFER money in but they don’t allowed me to use it or using a card I call them asking them why I cant access to my account the told me same thing like I have to send them a email with a prove of transaction I fund it bizarre is not a good bank to recommend people till now I cant use my card or do a transfer online still waiting no phone call no email am asking question why they are asking people to send them a prove of transaction they are seeing all transaction online I don’t understand this is really ridiculous .
Absolutely not recommended. It is not a safe company. Absolutely not recommended. It is not a safe company.
Exactly the same thing that happened to me that were asking for prove of transactions and I sent it for over two months during this holiday period I had no money, I kept contacting them and they gave me no update, also £200 was just taken out of my account and I have no idea the company is that is written down
They’ve given me no update and and just decided to close my account!!!