UK FinTech Cashplus has now become a fully licensed bank.
In Brief:
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Cashplus focuses on lending to SMEs.
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The Prudential Regulation Authority has granted it an unrestricted banking licence.
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It can now start lending £500mn in customer deposits.
What does this mean?
The difference between Cashplus and its fellow FinTechs offering products to SMEs is that it has been around for 15 years and has been profitable for nine of those. It’s also fully focused on SMEs, saying it serves seven per cent of “new” UK businesses and it aims to reach 10%.
