Cashplus bought a portfolio of 5000 customers of Manchester-based firm, icount. This deal marks one of the first fintech acquisitions of 2021.
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Introduced in September 2005, Cashplus, provides prepaid MasterCards and current account for consumers, small businesses and local government authorities in the UK. It was the first prepaid credit card to be launched in the UK.
Cashplus now has two million customers, and £2 million worth of monthly customer transactions.
Icount was founded by Samuel Mond in 2009 as part of ClearDebtGroup. In 2014, Samuel purchased the business from ClearDebt.
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Icount offers a prepaid Mastercard to its customers with the help of Advanced Payment Solutions (APS). Its key solutions include a debt-related element, incorporating APS’s credit building facility into its card solutions.
Cashplus provided card issuer services alongside APS for icount over the past eight years.
Cashplus has been accumulating profits for nine years and has revenues of around £ 50 million. According to Business Live, it hopes to complete its application “early in the New Year”.
“Our anticipated upcoming authorisation as a bank will allow us to better serve the UK small businesses and consumers that need our banking and credit services,” says Cashplus CEO, Rich Wagner.
He further commented: “In times of uncertainty customers want to know that their money is entrusted to a sustainable provider with a viable long-term future.”
“We are well positioned to welcome more of those customers, whether through our own channels, existing and new partnerships, or deals like this one with icount.”
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