Home Business NewsBusiness It all adds up for Cashplus: Six years of profitability for Fintech’s star player

It all adds up for Cashplus: Six years of profitability for Fintech’s star player

by LLB Reporter
6th Jul 17 4:26 pm

Here’s why

With London Fintech Week 2017 showcasing the exceptional talent and innovation within the City, one of the founders of Fintech, Cashplus (through its parent company, Advanced Payment Solutions Ltd) has announced a 6th consecutive year of profitable growth, with a 28 per cent uplift in revenues and 36 per cent increase in profit.

The company has reported £5.6m EBITDA profit for the year ended March 2017.

Year ended 31 March – £m’s 2012 2013 2014 2015 2016 2017
Revenue 9.2 13.0 16.3 20.6 25.3 32.3
EBITDA profit 0.5 1.3 2.7 3.0 4.1 5.6

With turnover increasing threefold in the past six years, the latest set of full year results to year ended March 2017 demonstrate how Cashplus is one of the few fintech businesses with fully developed payments and technology expertise.

Cashplus consistently demonstrates it is ahead of the fintech curve, not only in generating healthy profits in an emerging industry, but earlier this year, the company announced the launch of its API, well ahead of the PSD2 deadline.

Set up over a decade ago to break down inherent barriers in banking, Cashplus provides simple, secure, straightforward and efficient services to customers who continue to be overlooked by the high street banks – Cashplus has now attracted over 1.6m UK customers to its accounts. 

The company continues to see a huge demand for its services with a 93 per cent year-on-year growth in demand for capital from SME businesses alone since October 2015.

With London regarded as a world-renowned fintech hub, CEO Rich Wagner continues to leverage his position as chairman of the Emerging Payments Association to support government promises to make the banking sector more competitive. This includes lobbying for non-banks to gain access to traditional payments infrastructure including the Faster Payments Scheme.

Wagner said: “We pride ourselves on leading the field in fintech capabilities, and as a pathfinder in the sector, the Cashplus proposition remains simple: ‘speed and ease of use for customers’. 

“We anticipate that Cashplus, particularly in the SME space, with our customer-centric approach will see further growth in the coming 12 months.”

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