Cashplus: Digital challenger to rebrand as Zempler Bank this summer
Challenger bank Cashplus will rebrand as Zempler Bank this summer to reflect its new range of digital products and authorisation as a bank.
Speaking to City PM, founder and chief executive Rich Wagner said the company had “changed a lot since we came up with the Cashplus brand, not least the big milestone of being authorised as a bank back in 2021”.
Wagner launched the company with an e-money licence in 2005, and it secured a full banking licence from the Prudential Regulation Authority 16 years later.
“As a founder, I’ll always have a personal connection to the name Cashplus, but even I know that it is time for a change and for a brand that is a better representation of who we are today,” he added.
“While cash continues to play an important role in the small business economy, we know from our customers that it’s no longer the first word that comes to mind when they think about managing their money.”
The bank said the new name reflected its commitment “to providing exemplary levels of service”.
News of the rebrand comes after the lender posted its first post-tax profit since 2018, of £5m, for the financial year ending 31 March 2023.
Revenue jumped 28 per cent year-on-year to a record £52m on the back of higher interest rates, as well as double-digit growth in payments and fees.
Cashplus focuses on microbusinesses and start-ups that it says traditional lenders have underserved.
Recent products include a microbusiness current account with automated payment tracking and spend categorisation, as well as a tool for businesses to improve their credit score and a buy-now pay-later offering.
The company hopes to capture 10 per cent of all new UK business accounts within the next few years.
As Zempler Bank, the firm plans to unveil a new website help centre, an improved customer service platform and a new product for larger microbusinesses later this year.
Wagner said: “I’m really excited about Zempler, and the feedback we’ve had from our colleagues and early customer engagement has been brilliant. I look forward to the name change and the new features and services we’ll be introducing for customers over this year and next.”