The digital banking provider has also filed a banking licence application.
UK SME banking provider Cashplus has appointed a new Credit Director to drive the company’s focus on SME lending.
Rahul Duseja joins from American Express where he was Head of Credit Risk for UK Commercial Cards and Payments.
Cashplus began offering lending products in 2012 which have now grown into a range of credit cards and rolling credit offerings, with a banking licence Cashplus will be able to deploy an additional £300m to its customers.
“I’m excited to be joining Cashplus at this important time in the company’s history. Digital challengers are increasingly shaking up the SME banking and lending market, offering a lifeline to entrepreneurs where traditional players can’t, or won’t,” said Duseja.
The company also confirmed it now has over 100,000 customers and claims to currently provide seven per cent of all new UK business accounts, with its plan to reach 10 per cent over the next five years.
Some Cashplus customers were locked out of their accounts over the last few weeks due to "teething issues" from a new security measure introduced by Cashplus. CEO Rich Wagner wrote a letter of apology last week and said that "these issues have now been resolved".