One of the founders of UK Fintech, Cashplus, has announced a sixth consecutive year of profitable growth.
With a 28 percent uplift in revenues and 36 percent increase in profit, the company has reported £5.6 million EBITDA profit for the year ended March 2017.
With turnover increasing threefold in the past six years, the latest set of full year results to year ended March 2017 Cashplus has become one of the few Fintech businesses with fully developed payments and technology expertise.
The company says that it 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 1.6 million UK customers to its accounts.
The company continues to see a huge demand for its services with a 93 percent 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 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.”
