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Federation of Small Businesses

16 October 2023

FSB announces Cashplus Bank as first digital bank partner

The Federation of Small Businesses (FSB), the leading membership association and lobbying group for small businesses in the UK, has today announced a new partnership with Cashplus Bank. Cashplus will become the FSB’s second partner bank and first digital partner alongside The Co-operative Bank. The partnership builds on the support Cashplus Bank have given to the FSB Celebrating Small Business Awards in recent years and will see Cashplus offer a bespoke business current account tariff for FSB members.

FSB members will now be able to benefit from access to Cashplus Bank’s business accounts that were designed with small businesses in mind. The exclusive offer, available to FSB members will help them to save money and earn cashback on card purchases.

The FSB’s most recent Small Business Confidence Index (SBI) found that in Q2 of this year, two in five small firms saw revenues fall – only one in three saw an increase, highlighting the need for small businesses to closely track spending and manage cashflow. Cashplus customer research also indicates that up to 30% of small businesses have been refused a business current account.

A Cashplus business current account can help FSB members better manage their money through digital features including:

  • Spend categorisation and spend reports – helping clients identify where their main costs are
  • Receipt capture – allowing users to digitize and process receipts quickly on the spot
  • Invoicing and integrations into all leading UK accounting platforms

The account will be available to all FSB members immediately.

Cashplus Bank regularly tracks the performance of microbusinesses. Its most recent data shows increasing costs are creating winners and losers among UK microbusinesses. While some sectors are having a strong 2023 and are benefiting from sustained demand allowing them to increase their own costs. Other companies are being hit as customers cut back on discretionary and non-essential spending.

Rich Wagner, CEO, Cashplus Bank said: “Like the FSB, Cashplus is dedicate to supporting small businesses in the UK. Over many years, we have seen first hand the issues that they face and worked hard to deliver easy-to-access, simple to use banking that makes their lives easier. It is very exciting to be partnering with a fantastic organisation like the FSB who share very similar objectives in championing the entrepreneurs and independent businesses that will drive the UK’s economic success."

Julie Lilley, CEO, FSB said: “I’m delighted to announce this partnership with Cashplus Bank. This is a challenging time for many of our members and for businesses across the country, adding an innovative digital bank like Cashplus to our group of trusted partners will give members access to a digital banking proposition that has been carefully designed with them in mind.”

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