Cashplus, a UK-based provider of banking and credit services for small businesses and consumers, has signed a definitive agreement to acquire the current account portfolio of icount for an undisclosed sum.
The deal will see five thousand accounts and £2 million in monthly transactions migrated from icount to Cashplus and is expected to close in early 2021 as the first UK fintech acquisition of the year.
The consolidation deal comes with Cashplus in the final stages of its application to become a full UK bank.
Cashplus CEO Rich Wagner says: “2021 is set to be a very exciting year for Cashplus. Our anticipated upcoming authorisation as a bank will 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.”
Financial terms of the transaction were not disclosed.