Cashplus want to empower all small businesses, but especially mothers working to set up a business to thrive in our economy by offering fast, easy ways to open up bank accounts and manage cashflow. We’re thrilled to be part of Mumsenterprise and support entrepreneurial mums who have decided to run their own business. Our experience shows that grassroots entrepreneurs don’t need traditional banks to ‘bank'.
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Who can you help?
Cashplus provides a simple alternative to a high street business account for SMEs (predominantly start-ups) with 0-10 employees. We know that these lynchpins of the economy are frequently in need of a financial foothold during such a crucial phase in their company’s lifecycle.
What problems do you solve?
In 2015, a UK OnePoll Survey revealed that the average cost for SMEs for running a business bank account is £462 per year. However, that figure rises to £1,000 a year once these small businesses have become established. The same poll revealed 50% of first time SME borrowers had been rejected by their bank. When adding in waiting times over 15% of SMEs wait over 26 days and 35% of these applicants are declined – further reinforcing their view that the UK needs something smarter.
What makes you unique?
Cashplus knows first-hand what it’s like to start a small business and was created to break the barriers created by traditional high street banks. In particular we challenge their models of time and cost incurred for small to medium enterprises to open a business bank account. With a simple charging structure, accounts opened within minutes and operated purely online, Cashplus provides simple, secure, straightforward and efficient banking services to customers frustrated by the barriers which make everyday banking a chore.