Manchester-based icount sells portfolio to fintech innovators Cashplus

Cashplus, the leading provider of digital current accounts and credit services for UK small businesses and consumers, has signed a definitive agreement to acquire the UK current account portfolio of icount for an undisclosed sum.

The deal will see c.5k accounts migrated from icount to Cashplus current accounts and is expected to close in early 2021 as the first UK fintech acquisition of the year. Icount was founded by Samuel Mond in 2009 as part of ClearDebtGroup PLC. Mond purchased the business from ClearDebt in 2014 and has since grown the portfolio to handle more than £2m of customer payments per month.

The consolidation deal comes with Cashplus in the final stages of its application to become a full UK bank, a process it hopes to complete early in the New Year. Cashplus CEO Rich Wagner said: “2021 is set to be a very exciting year for Cashplus. Our anticipated upcoming authorisation as a bankwill allow us to better serve the UK small businesses and consumers that need our banking and credit services, and I’m pleased that we’ll be starting the year with this acquisition as a sign of our confidence.”

As one of the few profitable UK fintech challengers, with nine straight years of operating profit and revenues of c.£50m, Cashplus is well positioned to continue its growth through the disruption of the covid-19 pandemic. Wagner added “In times of uncertainty customers want to know that their money is entrusted to a sustainable provider with a viable long-term future, we are well positioned to welcome more of those customers, whether through our own channels, existing and new partnerships, or deals like this one with icount.”

icount founder Samuel Mond said: “I always saw the icountproduct as an innovative solution to everyday banking needsand I’m delighted that Cashplus, one of the original fintech innovators, will be taking the business forward. I remember acquiring our first cardholder and I’m extremely proud to have built a portfolio of accounts transacting over £2 million per month. I look forward to seeing where the business goes next now as part of the Cashplus family of products.”