Cashplus launches payment mapping in UK credit card first

By Oliver Smith on Thursday 20 February 2020

Digital Banking

Launch comes ahead of Cashplus receiving its banking licence in the coming months.

Cashplus launches payment mapping in UK credit card first
Image source: Cashplus CEO Rich Wagner.

Small business credit card provider Cashplus has added Google Maps-powered transaction mapping to its app, which now shows the time and location of every payment made.

While the feature isn’t new for customers of Monzo or Starling, it is a UK credit card first, and especially helpful for Cashplus’s business customers who can now tag payments to a specific job or client.

The profitable fintech unicorn is currently in the final stages of applying for a banking licence from the Bank of England, expected to be authorised in the first half of 2020, which will let the firm dramatically expand its lending to SMEs.

“Together with features like smart business credit, account freeze and instant account approval, these upgrades make Cashplus an indispensable tool for small businesses,” said Cashplus CEO Rich Wagner.

“The many thousands of UK entrepreneurs, start-ups and independents using Cashplus will be freed up from tedious admin, leaving them more time to get on with the things they do best.”

Last year Cashplus poached Rahul Duseja, former Head of Credit Risk for UK Commercial Cards and Payments at American Express, to be the Credit Director of its SME lending.

With over 1.6m customer accounts, once Cashplus secures its banking licence the company will quickly become one of the UK’s largest digital banks.

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