May 17, 2022

Cashplus Bank launches a crowdsourced payments tracking tool for SMEs, saving time

Cashplus Bank

London – 17th May 2022

Cashplus Bank is the first UK digital bank to offer this service – new research reveals SMEs spend 22 hours a month on financial admin

Cashplus Bank
snowdrop solutions logo

Cashplus Bank, the leading fintech bank for UK small businesses, is launching a new feature that uses crowdsourced data to instantly and accurately track and categorise business spending, speeding up tasks like expenses and invoicing. Cashplus Bank is the first UK digital bank to offer this service which will be available across the bank’s current account and business credit card products.

Recent customer research by Cashplus bank found that small businesses spend an average of 22 hours a month on financial admin tasks with tracking of income and expenditure, filing expenses and account reconciliation found to be the most time-consuming tasks.

The app builds upon Cashplus’ work with location-based software and transaction data enrichment services company Snowdrop Solutions. The enhanced service draws on user-based crowdsourcing for its location-enriched transaction services, enabling users to suggest improvements to payments information through the bank’s app enabling more accurate and detailed information for all users.

Cashplus Bank Crowdsourcing
Screenshots of the Cashplus app where users can visualise their spending habits, transaction details and make a suggestion or dispute a transaction

Working with Snowdrop enables us to deliver a smart, digital solution that makes a real difference to our small business customers, tapping into the power of crowdsource data and giving them more time to focus on running their businesses,” said Paul Schooley, Chief Commercial Officer at Cashplus Bank. “Customers choose Cashplus Bank because they know we are dedicated to making their lives easier and this new tool is another step on that path.”

Powered by Snowdrop’s Merchant Reconciliation System (™), the solution enables users to readily identify exactly where card transactions take place by displaying the merchant’s name, logo and location on a map on the handset. The service also enables Cashplus users to easily detect any unusual activity and freeze their account offering an additional layer of protection against fraud for small businesses.

We are delighted to work with Cashplus to create compelling services for small businesses,” said Ken Hart, founder and CEO of London-based Snowdrop. “Our highly accurate and robust MRS solution at Cashplus enables business users to better manager their spend intuitively.”

The two companies are also focusing on scaling the partnership to include other enhancements and capabilities to further improve transactions for businesses as Cashplus continues to grow.

Cashplus continues to acquire business banking users with fast sign-up, spending insights and enhanced fraud monitoring. Founded in 2005, Cashplus also recently obtained an unrestricted banking licence. The company is the referral partner of choice for many of the leading SME and start-up accounting firms in the U.K., serving over 1.6m customers since 2005. The company’s mobile app currently has high positive reviews in both Google App Store (4.6 / 5) and Apple Store (4.6 / 5) and is rated “great” by customers on Trustpilot.

About Cashplus

Cashplus is a leading UK challenger bank with a 15+ year track record of digital innovation, dedicated customer service and strong financial performance. The company was granted a UK bank licence in February 2021. A true fintech pioneer, we offer fast, smart, simple banking services for the entrepreneurs, independent businesses and hard-working consumers that power the UK economy, yet are too often overlooked by high street banks. Since 2005, we’ve created easier ways for more than 1.6m customers to pay, bank and borrow through our user-friendly digital platform, delivered a string of fintech firsts and built a sustainable, growing business providing more than 250 jobs in the UK with locations in London, Liverpool and Birmingham.

  • 1.6m accounts opened
  • 7% share of all new UK businesses
  • £20bn in payments processed
  • 10 years + of strong growth
    £670m total lending
  • 9 straight years of operating profit

Cashplus is a trading name of Advanced Payment Solutions Ltd. Copyright in this e-mail and any attachments created by Advanced Payment Solutions Ltd belong to Advanced Payment Solutions Ltd, Cottons Centre, Cottons Lane, London, SE1 2QG

Media contact at Cashplus
Alex Moorhouse

Corporate Affairs Director

+44(0)7834 780299

Media contact at Snowdrop Solutions
Ana Cantero
Marketing and Communications Manager