FSB announces Cashplus Bank as first digital bank partner
The Federation of Small Businesses (FSB), the UK’s largest business group, has today announced a new partnership with Cashplus Bank.
Cashplus joins as FSB’s second partner bank, alongside The Co-Operative Bank, and is its first digital partner bank. The partnership builds on the support Cashplus Bank has given to FSB’s Celebrating Small Business Awards in the last two years and will see Cashplus offer a bespoke business current account tariff for FSB members.
FSB members will now be able to benefit from access to Cashplus Bank’s business accounts that were designed with small businesses in mind. The exclusive offer will help them save money and earn cashback on card purchases.
This comes following FSB’s most recent Small Business Confidence Index (SBI), which found that in the second quarter of this year, two in five small firms saw revenues fall while only one in three saw an increase. This highlights the need for small businesses to closely track spending and manage cashflow. Cashplus customer research also indicates that up to 30 per cent of small businesses have been refused a business current account.
A Cashplus business current account can help FSB members better manage their money through digital features including:
- Spend categorisation and spend reports – helping clients identify where their main costs are
- Receipt capture – allowing users to digitise and process receipts quickly on the spot
- Invoicing and integrations into all leading UK accounting platforms
Cashplus Bank regularly tracks the performance of microbusinesses. Its most recent data shows increasing costs are creating winners and losers among UK microbusinesses. Some sectors are having a strong 2023 and are benefiting from sustained demand allowing them to increase their own costs. However, other companies are being hit as customers cut back on discretionary and non-essential spending.
Rich Wagner, CEO, Cashplus Bank said: “Like FSB, Cashplus is dedicated to supporting small businesses in the UK. Over many years, we have seen firsthand the issues that they face and worked hard to deliver easy-to-access, simple to use banking that makes their lives easier. It is very exciting to be partnering with a fantastic organisation like FSB, which shares very similar objectives in championing the entrepreneurs and independent businesses that will drive the UK’s economic success.
Julie Lilley, CEO, FSB said: “This is a challenging time for many of our members and for businesses across the country. Adding an innovative digital bank like Cashplus to our group of trusted partners will give members access to a digital banking proposition that has been carefully designed with them in mind.”
