In the latest trend towards full-stack fintech companies, UK prepaid card provider cashplus is seeking to receive a full banking license. The company currently has 1.3m customers and nearly £8b in payments processed to date.
Cashplus also stated that it has been leading the fintech revolution since before fintech was considered a thing. The company claimed it introduced the first UK prepaid card in 2005. It has 1.3 million customers and nearly £8 billion in payments processed to date. CEO of Cashplus, Richard Wagner, revealed: “We’ve been shaking up the banking sector from the outside as a digital challenger to banks. Working from the inside will mean we have the scope to provide even more services for customers who’ve been overlooked by the traditional banks. I’m fed up at the raw deal these customers have been getting so, I’ve decided to get a banking licence to give them the best deal possible.”