Cashplus celebrates 1m transactions milestone for its payment API

Since opening its payment processing service in April 2019, Cashplus reached a 1m payment with more than £310m transacted in the first year of operation. 

Cashplus, whose primary business is providing small business credit cards, said it has processed a further 200,000 transactions since May at a value of over £30m. 

“The Payments API is a great example of the type of innovative, practical products we want to offer our SME customers, using technology to deliver real benefits for these businesses instead of gimmick features and flashy design,” said chief commercial officer Paul Schooley.

Its payments API lets SME customers make thousands of automated payments, with the average corporate customers paying a faster payment transaction fee of around 33p. 

The feature rivals that offered by the likes of Stripe,TrueLayer,Plaid and more. 

“As SME specialists, we understand that money and time are the most valuable savings a small business can make, Payments API delivers both and this million-payment milestone is the proof in the pudding.” 

Cashplus is currently in the "advanced" stages of applying for its full UK bank licence, after which point the business will hold more than £400m in SME deposits with plans to dramatically scale its lending once these are unlocked by its licence. 

Last year equity research analysts at Keefe Bruyette & Woods estimated that Cashplus would have a private valuation of over $1bn, however that figure is yet to be proven in an external funding round.