Personal banking platform Cashplus has closed two three-year debt financing deals, which total £30m.
A senior debt facility will be supplied by NatWest/RBS, while Blenheim Chalcot’s investment division BCI Finance will provide the mezzanine financing.
Cashplus is a banking service provider which offers an online current account, and prepaid cards. The company’s current account lets users either make transfers into it, or set wages to be automatically deposited.
Its prepaid cards work similar to debit cards, with a user simply depositing funds on to the card to then be used for purchases, bill payments or cash withdrawals. The company also offers a travel card, which allows users to convert money online on the go and at competitive prices.
The company recently announced it has reached a sixth year of probability, seeing a 28 per cent uplift in revenue and 36 per cent increase to profit. London-based Cashplus has also reached a £5.6m EBITDA profit for the year ending March 2017.
This new round of equity will be used to expand its credit offerings, which will primarily invest in and strengthen SMEs.
Cashplus CEO Richard Wagner said, “We continue to see strong demand for our SME and consumer products as we build out our strategy to be the first-choice digital challenger to banks. This is an exciting opportunity for us and this continued investment in Cashplus will allow us to accelerate our growth especially in the SME market, which is the backbone of the UK economy.”
Last quarter saw a new record number of deals done in the WealthTech sector, with a total of 116 transactions completed.
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