CashPlus adds former Hoare & Co finance chief Francesca Shaw to its board

By Oliver Smith on Wednesday 28 April 2021

Digital Banking

The new bank continues to strengthen its leadership lineup.

CashPlus adds former Hoare & Co finance chief Francesca Shaw to its board
Image source: Francesca Shaw/Cashplus.

Newly-licenced digital bank Cashplus has bolstered its board with the addition of Francesca Shaw as a non-executive director and chair of its audit committee today.

Still subject to regulatory approval, the appointment adds nearly 40 years of banking experience to the board. Shaw is the former chief financial officer of the UK’s oldest privately owned bank, Hoare & Co.

Her appointment comes after the recent arrival of Mark Sismey-Durrant as the chair of Cashplus, which was only granted its banking licence in February.

Before Hoare & Co, Shaw worked at TD bank and the Canadian Imperial Bank of Commerce in Canada and the Caribbean.

“As a recently-authorised bank Cashplus will play an important role in supporting the UK’s small businesses as the economy begins to recover from the Covid-19 pandemic and I look forward to working with the board and with Rich Wagner and the executive team as we move forward with these plans,” said Shaw on her appointment.

In February, Cashplus announced it is looking to raise £50m to kickstart its bank lending, with CEO Rich Wagner aiming to lend over £1bn to UK SMEs over the coming years.

Cashplus can already tap into its £500m in customer deposits for lending, and claims to currently serve some 7 per cent of all new UK businesses—market share it aims to grow to 10 per cent within the next three years.

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