UK-based digital challenger Cashplus has stated its intention to apply for a banking licence.
Claiming to be “Britain’s original, and only profitable digital challenger to banks”, the move will allow Cashplus to convert most of the £200m ($265m) in customer safeguarded funds it currently holds into bank deposits.
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In addition, it will be able to expand its lending capabilities and launch new lending products.
Cashplus prides itself on its digital account for the ‘Now Generation’, which allows instant online decisions and real-time banking services.
PwC, Cashplus’ banking licence advisors, said: “We are delighted that Cashplus has chosen to work with PwC on this important project. We look forward to helping Cashplus expand the range of products and services it offers, to grow its business.”
Rich Wagner CEO & Founder of Cashplus explained: “We’ve been shaking up the banking sector from the outside as a digital challenger to banks. Working from the inside will mean we have the scope to provide even more services for customers who’ve been overlooked by the traditional banks. I’m fed up at the raw deal these customers have been getting so, I’ve decided to get a banking licence to give them the best deal possible.”
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By GlobalDataFive months ago, Wagner told RBI that not being a bank was an advantage.
