Cashplus scoops up 5,000 icount current account customers

By Oliver Smith on Monday 4 January 2021

Digital Banking

The move comes as Cashplus enters “final stages” of its banking licence application.

Cashplus scoops up 5,000 icount current account customers
Image source: icount.

Some 5,000 customers of current account minnow icount are being migrated over to Cashplus as part of its acquisition of the fintech.

Founded by Samuel Mond, icount started in 2009 and grew through the acquisition of customers from ClearDebt in 2014.

“I remember acquiring our first cardholder and I’m extremely proud to have built a portfolio of accounts transacting over £2m per month,” said Mond. 

“I look forward to seeing where the business goes next now as part of the Cashplus family of products.”

Cashplus meanwhile says it is now in the “final stages” of its application to become a full UK bank, with over 1.6m current accounts now opened.

“2021 is set to be a very exciting year for Cashplus,” said Cashplus CEO Rich Wagner.

“Our anticipated upcoming authorisation as a bank will allow us to better serve the UK small businesses and consumers that need our banking and credit services, and I’m pleased that we’ll be starting the year with this acquisition as a sign of our confidence.”

Cashplus counted 2020 as its ninth straight year of turning an operating profit on revenues of around £50m.

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