Britain’s Original and First Profitable Fintech Celebrates Seventh Year of Profitability

Cashplus, the UK’s leading digital challenger to banks is celebrating record profits for the 7th year running. Its focus on SME banking services and lending has paid off with over 80% SME revenue growth in the past 2 years and nearly 30% this past year, resulting in record profits of £6.5 million. Cashplus continues to prove it’s possible to drive value for customers and still be profitable, a result that most Challenger and Neo Challenger banks only dream of.

Cashplus also surpassed £10 billion in transaction volume, with 71% carried out by SME customers – well ahead of management and investor expectations.

13 years running and profitable for the past 7 years — Cashplus has certainly stood the test of time. The latest financial results prove the success of its strategy to shift focus to SME banking and keeps the challenger ahead of the curve. This fintech has continued to generate growing profits in an emerging industry against a backdrop of challenger and neo banks some of which are experiencing substantial losses as they drain investors’ cash whilst attempting to profit through unproven business models.

Everyday banking had been ‘broken’ for a long time with inconvenient barriers and obstacles preventing a convenient customer experience, so Cashplus made managing money a whole lot easier for its customers. Cashplus provides simple, secure, straightforward and efficient services to customers who continue to be overlooked by the high street banks. This has helped it acquire 1.4 million UK customers since opening its doors, including 120,000+ small business owners, where the adoption of its services has been rapid. There’s no end in sight to its growth, and the journey has only just begun, with Cashplus expecting to obtain banking licence approval in 2019.

The recent years have been some of the most exciting times for those who have been involved in this fintech’s journey from its birth through to its growth and profitability. Rich Wagner, founder and CEO of Cashplus says “I’m confident that Cashplus has what it takes to remain the clear choice for SME banking into the future, and our application to become a bank is based on a proven sustainable business model that continues to generate value, this year and in decades to come. Our business model works, and our recent financial results combined with sustained profitability and overall track record, proves this”.

Year ended 31 March              
  2012 2013 2014 2015 2016 2017 2018
Revenue 9.2 13.0 16.3 20.6 25.3 32.3 38.3
EBITDA profit 0.5 1.3 2.7 3.0 4.1 5.6 6.5



Notes to Editors

Cashplus, the trading name of Advanced Payment Solutions Ltd (APS), has been FCA authorised and regulated for over a decade. During this time, it has amassed a string of ‘Firsts’, including the first non-bank to offer banking services through the 11,500 Post Office branches and the first non-bank to introduce an instant online business current account.

Cashplus, one of the pioneers in Fintech, has developed a wide range of digital banking services, which challenge the traditional banking model. Through its proprietary technologies, award winning products and superior in-house data analytics, Cashplus has been able to offer over 1.4 million customers fast, convenient and transparent banking solutions to efficiently manage their finances and business cash flow. Voted the Best Challenger Bank 2017 by readers of PayBefore even though it’s not yet a Bank, Cashplus continues to provide innovative banking solutions for customers typically overlooked by traditional banks.

Authorised and regulated by the Financial Conduct Authority, APS has a full permission credit licence for consumer credit activities (FRN 671140). APS Financial Ltd (“AFL”), a subsidiary of APS, is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN 900002).

AFL was the first non-bank issuer to gain Mastercard membership and is a member of both UK Finance and Emerging Payments Associations.

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For full website terms including information on Cashplus Bank, Mastercard and use of Trademarks, please see our full legal disclosures at

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.

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