With banking licence secured, Cashplus Bank promotes Mark Sismey-Durrant to chair

By Oliver Smith on Friday 19 February 2021

Digital Banking

The ex-Hampshire Trust Bank CEO takes over from former chair Jim Jones.

With banking licence secured, Cashplus Bank promotes Mark Sismey-Durrant to chair
Image source: Mark Sismey-Durrant/Cashplus.

Newly christened Cashplus Bank has picked ex-Hampshire Trust Bank CEO Mark Sismey-Durrant as its chair.

The move comes as former chair Jim Jones steps back into a non-executive director role, and as Sismey-Durrant (a Cashplus board director since 2018) steps up.

“Mark’s understanding of what it takes to become a successful new bank has been invaluable over the past two years and I look forward to Cashplus Bank benefiting further from his deep knowledge and experience as he takes on the role of Chairman,” said the bank’s CEO and founder Rich Wagner

Just two weeks ago, Cashplus secured its full UK banking licence from the regulator, granting it the ability to start lending against its £500m in customer deposits.

Last week, Cashplus announced it is seeking a £50m+ funding round, likely to unlock further its ability to lend against those deposits.

Wagner said the banking licence and funding would help his bank lend £1bn to SMEs, with Cashplus aiming to serve 10 per cent of all new businesses by 2024.

“Over the past 15 years, Rich and the team have built a high-quality, sustainable business that has enormous potential as a UK authorised bank,” said Sismey-Durrant on his appointment.

“The small businesses we serve will play a crucial role in the UK’s economic recovery from the Covid-19 crisis and Cashplus will be there to support them as a trusted banking partner.”

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