In the latest trend towards full-stack fintech companies, UK prepaid card provider cashplus is seeking to receive a full banking license. The company currently has 1.3m customers and nearly £8b in payments processed to date.
UK-based fintech Cashplus announced on Thursday it is currently seeking to receive its banking license. The company, formerly known as Advanced Payments Solution, now seeks to evolve the current banking system. It offers financial services, prepaid cards and accounts, business accounts and consumer debit accounts. “We believe banking services shouldn’t get in the way of life – they should enrich it. So, although we’re not a bank, we’ve spent the past 12 years creating banking services that are fast, smart and simple to compete with the High Street banks. Services that strive to ensure our business and personal customers aren’t slowed down, but propelled forward.