Cashplus Bank, the UK challenger bank, last week announced that it will rebrand as Zempler Bank in the coming months. The new name represents the company’s commitment to making money simpler through its range of digital banking products for microbusinesses and consumers and to providing exemplary levels of service.
The change in name also reflects the company’s evolution to become an authorised UK bank with a strong focus on serving microbusinesses and start-ups – a population of over 5 million businesses, that the company says remains poorly served by traditional UK banks.
Over the past five years, Cashplus has delivered a range of products and features tailored to the needs of those businesses, including a new microbusiness current account that includes automated payment tracking and spend categorisation and market leading cashback, Business Creditbuilder, a unique tool to help new businesses improve their credit score, and a business credit card with a range of innovative payment features, including the ability to convert repayments into an instalment loan.
Several of these innovations were enabled by a successful bid for a grant from the Banking Competition Remedies Capability and Innovation Fund, a government initiative to increase competition in the SME banking market.
After becoming Zempler Bank this summer, the company expects to roll out further enhancements, including a new website help centre which will be easier for customers to use, an improved customer service platform to support the existing UK contact centre to connect customers with one of the firm’s expert advisers more quickly, and, later this year, a new product offering for larger microbusinesses.
Rich Wagner, CEO and founder of Cashplus Bank: “As founder of Cashplus Bank, I am very excited to reveal our new name and about the new era it represents for our business.
While I’m extremely proud of everything we achieved as Cashplus, our business has evolved a long way to become a fully-fledged bank with a stronger focus on making money simpler for UK microbusinesses.
The world has also changed in that time and, 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. We wanted a name that will serve us and our customers for many years into the future and one that represents our commitment to providing UK microbusinesses and consumers with the exemplary service they so often struggle to get from traditional banks.
“In recent years we’ve seen examples of banks denying new customers access to accounts and withdrawing lending. These businesses deserve better, which is why we are so focused on providing simple, accessible products to help them succeed and why we’re determined to do even more for these customers under our new name, Zempler.”
In 2023, Cashplus reported record revenues of £52m and delivered profit after tax of £5.5m. By the end of the decade, it plans to capture 10% of the UK microbusiness banking market.
