Current account firm Icount has sold its portfolio to FinTech Cashplus.
In Brief:
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Manchester-based Icount handles over £2mn customer payments each month.
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Cashplus offers a range of products and now has over 2mn accounts.
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The FinTech challenger is profitable and making progress toward becoming a bank.
What does this mean?
Cashplus says it is one of few profitable challengers in the UK, and has been for nine years. According to BusinessLive, Cashplus is within the final stages of becoming a fully licenced bank.
