Cashplus is upgrading its mobile app with the Google maps spend tracking feature, the company announced on Thursday (Feb. 20).
The Spending Insights tool uses data from Google Maps to find out where and when a payment was made. Transactions are easy to spot and show identifying information like brand logos.
It also includes Payment Track’s fraud prevention capabilities, which enable users to immediately put their account on hold if they see anything suspicious. The tool also categorizes payments so people can track business spending and tag payments to a specific job or client.
“Together with features like smart business credit, account freeze and instant account approval, these upgrades make Cashplus an indispensable tool for small businesses. The many thousands of U.K. entrepreneurs, startups and independents using Cashplus will be freed up from tedious admin, leaving them more time to get on with the things they do best,” said Cashplus Chief Executive Officer (CEO) Rich Wagner.
This new tool adds to existing SMB-focused functionality available to Cashplus business customers. The Open Banking API technology puts accounts directly into a range of platforms for accounting, payroll and more so tasks can be handled at the same time.
Cashplus also applied for a full U.K. banking license and anticipates getting approval in the first half of 2020.
The company also announced in September that it hired Rahul Duseja as its credit director. He comes from American Express as its head of credit risk for U.K. Commercial Cards and Payments — and before working at Amex, Duseja held a position at Accenture.
Cashplus Chief Commercial Officer Paul Schooley said Duseja’s “deep knowledge of how risk underpins performance, and his extensive [small- to medium-sized enterprises] SME experience, will be incredibly valuable as we move to accelerate our lending growth and develop new products, tailor-made for the small businesses that so often struggle to access the capital they need in order to grow.”