Regulator awards SME lender Cashplus a full UK bank licence
SME credit card lender Cashplus is now a full-on SME bank.
This morning the Prudential Regulation Authority granted Cashplus an unrestricted banking licence, with approval to start using its £500m in customer deposits for lending.
It’s a move which has huge implications for the SME challenger banking sector, as Cashplus claims to serve 7 per cent of all new UK businesses serving over 1.6m customers since it launched in 2005.
