- Cashplus will add c.5k icount customers to its total of 1.6m accounts opened
- Cashplus is in final stages of full UK bank licence application
- Profitable fintech has provided card issuer services for icount for past eight years
Cashplus, the leading provider of digital current accounts and credit services for UK small businesses and consumers, has signed a definitive agreement to acquire the UK current account portfolio of icount for an undisclosed sum.
The deal will see c.5k accounts migrated from icount to Cashplus current accounts and is expected to close in early 2021 as the first UK fintech acquisition of the year. Icount was founded by Samuel Mond in 2009 as part of ClearDebtGroup PLC. Mond purchased the business from ClearDebt in 2014 and has since grown the portfolio to handle more than £2m of customer payments per month.
The consolidation deal comes with Cashplus in the final stages of its application to become a full UK bank, a process it hopes to complete early in the New Year. Cashplus CEO Rich Wagner said: “2021 is set to be a very exciting year for Cashplus. Our anticipated upcoming authorisation as a bankwill allow us to better serve the UK small businesses and consumers that need our banking and credit services, and I’m pleased that we’ll be starting the year with this acquisition as a sign of our confidence.”
As one of the few profitable UK fintech challengers, with nine straight years of operating profit and revenues of c.£50m, Cashplus is well positioned to continue its growth through the disruption of the covid-19 pandemic. Wagner added “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.”
icount founder Samuel Mond said: “I always saw the icount product as an innovative solution to everyday banking needs and I’m delighted that Cashplus, one of the original fintech innovators, will be taking the business forward. I remember acquiring our first cardholder and I’m extremely proud to have built a portfolio of accounts transacting over £2 million per month. I look forward to seeing where the business goes next now as part of the Cashplus family of products.”
Cashplus is a leading fintech challenger in the final stages of its application for a full UK bank licence. A true fintech pioneer, we offer faster, smarter, simpler banking services for the entrepreneurs, independent businesses and consumers that power the UK economy, yet are too often overlooked by high street banks. Since 2005, we’ve created easier ways for more than 1.6m customers to pay, bank and borrow through our user-friendly digital platform.
Icount was founded by Samuel Mond of ClearCash Limited, part of ClearDebtPLC. As an independent company, it grew to become a major competitor in the prepaid card / current account arena becoming a best seller with major online portals as well as an ideal money management solution to individuals with financial and debt issues. The icount offers both Pay Monthly and Pay As You Go tariffs to UK residents.