Cashplus, the leading challenger to UK banks, today announces the appointment of Tom Dolan as Treasurer.
Dolan will report to Chief Financial Officer Bob Van Breda and will play a key role in managing Cashplus’ liquidity and capital risks as it becomes a fully-licenced bank, as well as helping the company optimise availability of cash as it accelerates growth and increases lending to small businesses.
Dolan joins from Monzo, where he was one of the first 20 employees, joining on the company’s first birthday.
He held the role of Treasurer during Monzo’s bank licence transition, was Deputy CFO during the early stages of its growth and held a Faster Payments Scheme directorship on the company’s behalf.
Bob Van Breda, CFO, Cashplus said: “I’m delighted to welcome Tom to the Cashplus team. He joins at an important moment in our history, as we become a bank, and brings a wealth of expertise that will help us to make the most of the opportunities that come with this change. By becoming a bank, we will initially unlock access to over £200m of lending opportunity for our credit customers. Tom will play a vital role in ensuring this done efficiently and safely.
Tom Dolan said: “Rich, Bob and the management team have done a fantastic job in building a fast-growing business around a high-quality, sustainable model in a market where many are yet to generate significant revenue.
I’m excited to be joining as Cashplus moves into its next phase of growth and hope my experience of building out the Treasury team during Monzo’s bank application will stand me, and Cashplus, in good stead as we complete the transition.
I’m also looking forward to serving the UK’s small businesses as Cashplus increases its SME focus. Having led and advised to a number of small start-ups, I know just how tough it is for SMEs to thrive when high street banks aren’t willing to back them.”
Cashplus submitted its final banking licence application in August and hopes to be fully authorised in Q1 2020. Once a bank, the company will have access to c.£200m of lending capital which it will deploy through new and existing SME and consumer credit products. The company currently holds 7% share of all new UK business accounts and is on course to capture at least 10% over the next five years.