In today’s top news in digital-first banking, Cashplus received an unrestricted banking license from the Prudential Regulation Authority, while GajiGesa Indonesia has notched $2.5 million in a seed round. Plus, Stash is closing a $125 million Series G Eldridge-led funding round.
UK Regulator Awards Full Bank License To Cashplus
Cashplus, a credit card lender for small- to medium-sized businesses (SMBs) was awarded an unrestricted banking license by the Prudential Regulation Authority. The company now has the go-ahead to harness its 500 million pounds (approximately $680 million) in customer deposits for lending. “Where some firms have burned through piles of cash in the pursuit of growth at all costs, our disciplined approach and positive product economics mean that we can grow with confidence,” CEO and Founder Rich Wagner said, according to a published report.
GajiGesa Raises $2.5 Million To Reach More Underbanked Indonesians
GajiGesa Indonesia, a FinTech firm, has raised $2.5 million in a seed round of funding. The infusion will be harnessed to “help expand financial resilience for workers across Indonesia,” according to an announcement by the firm on LinkedIn. According to a published report, the company would be geared toward services designed for underbanked workers in Indonesia. “At GajiGesa, we firmly believe every hardworking Indonesian deserves financial fairness, security and dignity and are committed to empowering them with the tools to reach their financial goals with peace of mind,” the company wrote in the LinkedIn post.
Investing Startup Stash Raises $125 Million To Advance Growth
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Stash, the banking and investing startup, is closing a $125 million Series G funding round headed up by Eldridge with further funding from new and current investors. “We believe in tried and tested principles of regular, long-term and balanced investing as the key to building wealth,” Stash CEO and Co-Founder Brandon Krieg said in a press release. The executive told CNBC that the company does not let margin or option trades occur, and it doesn’t offer live market data either to dissuade day traders.
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