When a fintech founder admits that the company’s name has “passed its sell-by date” then perhaps it’s time for a rebrand. This is the case with Rich Wagner, founder and CEO of UK SME bank Cashplus Bank.
When asked by Altfi about a rumoured name change to the fintech, Wagner said it was a “very emotional topic for me but Cashplus has served its purpose, and, one might say, after 15 years it’s passed its sell-by date”. Well, the rumours were true and Cashplus, founded in 2005, is changing its name to Zempler Bank.
The rebrand will take place over the coming months, and will also see the fintech create a new website help centre, a new customer service platform and a new product offering for larger microbusinesses.
Describing the name change, Wagner said:
“While I’m extremely proud of everything we achieved as Cashplus, our business has evolved a long way to become a fully-fledged bank with a stronger focus on making money simpler for UK microbusinesses.
“The world has also changed in that time and, while cash continues to play an important role in the small business economy, we know from our customers that it’s no longer the first word that comes to mind when they think about managing their money.
“We wanted a name that will serve us and our customers for many years into the future and one that represents our commitment to providing UK microbusinesses and consumers with the exemplary service they so often struggle to get from traditional banks.”
The SME bank, which got a full banking licence in 2021, reported record revenues of £52m and delivered profit after tax of £5.5m in 2023.
