Cashplus completes successful repayment of APS Bond programme
Cashplus, the leading challenger to UK banks, today announced the repayment and closure of its successful mini-bond programme APS Bonds.
The repayment of the four-year bond sees over £1.1m returned to retail investors who also received fixed returns of 7% PA over the life of the bond.
The bonds were issued in 2016 to help fund Cashplus’s growth and increasing focus on providing services to UK micro SMEs and start-ups. Since then, Cashplus has roughly doubled its annual revenues to c.£50m, attained a full consumer credit licence and launched consumer and business credit cards and started its journey to becoming a fully-licenced UK bank, a process it expects to complete by the end of 2020.
Cashplus CEO Rich Wagner said: “I’m extremely proud of everything Cashplus has been able to achieve since issuing APS Bonds back in 2016, and also proud that we’ve been able to offer investors consistent interest returns and return over £1.1m of investment in full and on time despite the impact of the coronavirus pandemic.”
Terms and Conditions apply, including applicants being resident in the UK & aged 18+ and, if relevant, businesses being based in the UK.
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Advanced Payment Solutions Limited (APS), trading as Cashplus Bank, is registered in England and Wales at Cottons Centre, Cottons Lane, London SE1 2QG (No.04947027). APS is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Firm Reference Number 671140.
APS provides credit facilities subject to approval and affordability, and where accounts continue to meet APS credit criteria.