Cashplus introduces £5/month business insurance for SMEs

Business challenger bank Cashplus is expanding its offering to include insurance for SMEs via a partnership with UK insurtech Superscript.

The launch is also an expansion of Cashplus’s third-party marketplace of services, including the likes of Sage accounting, Wix website building and Square payments.

Superscripts flexible insurance products are charged monthly from as little as £5/month, with businesses having the ability to make adjustments as needed.

“Small businesses move fast, and increasingly they need quick and easy online services that can be set up in an instant,” said Superscript’s partnerships director Henry Newby.

“Both Superscript and Cashplus recognise this, developing proprietary technology to help SMEs make better decisions, more simply.”

Cashplus is relatively new to the challenger banking scene, having secured its banking licence just under 12 months ago.

Today it claims to service over 150,000 UK SMEs, accounting for 7 per cent of all new companies established.

In October 2021 Cashplus was awarded £5m from the BCR’s Pool F of funding, which it pledged to use in order to lend an additional £5bn to UK SMEs over the next four years.

Before Christmas, the fintech launched its Business Creditbuilder, which restructures its customers’ account fees into a zero per cent interest loan which helps them to improve their credit scores.