Zempler Bank Explained

Zempler Bank, previously known as Cashplus is a British challenger bank and prepaid card operator that is a trading name of Zempler Bank Limited. Zempler Bank provides business bank accounts and contactless Mastercard cards in the UK.

History

Zempler Bank was initially a prepaid card operator launched in the UK in 2005 under the name Cashplus.^[1] As of 2008, it had become the top prepaid service in Europe using Mastercard credit cards.^[2]

It applied for a banking licence in 2017, then transformed into a fully regulated UK bank after acquiring its banking license in 2021, thereby becoming Cashplus Bank.^{[3] [4]}

In July 2024, Cashplus Bank rebranded to Zempler Bank^[5] .^[6]

Notes and References

1. Web site: Payment cards are first step towards making cash obsolete. The Independent. 24 September 2005.
2. Web site: Advanced Payment Solutions Moves Europe's Leading MasterCard-Branded Prepaid Portfolio to Metavante. Business Wire. 17 April 2008.
3. Web site: Hinchliffe . Ruby . 5 February 2021 . Cashplus lands full banking licence after 15 years as an EMI .
4. Web site: Bhattacharya . Megha . 3 February 2021 . FinTech Cashplus secures a full UK banking license .
5. Web site: Mucklejohn . Lars . 12 March 2024. Cashplus: Digital challenger to rebrand as Zempler Bank this summer .
6. Web site: Reynolds . John . 24 March 2024 . Cashplus Bank rebrands to Zempler Bank .