Zempler Bank
Key Data
- Trading Name: Zempler Bank (formerly Cashplus Bank)
- Legal Entity: Zempler Bank Limited
- Activities: Digital Challenger Bank
- Location: UK
- Regulations: regulated by the FCA
- Key People: Rich Wagner
- Latest news: Zempler Bank
- Latest update: September , 2024
Zempler Bank, formerly known as Cashplus Bank, is a UK-based digital challenger bank with a focus on serving microbusinesses and start-ups. Initially launched in 2005 as a prepaid card provider, Cashplus evolved into a fully regulated bank in 2021. In 2024, the company rebranded as Zempler Bank to better reflect its modern digital banking services.
Offering
Zempler Bank offers a variety of financial products, including business bank accounts and Mastercard cards. Its services are designed to simplify money management for businesses, featuring tools like integrated accounting, cashflow tracking, and a unique Business Creditbuilder tool aimed at helping businesses improve their credit scores. Zempler serves over 650,000 businesses, providing services like instant payment notifications, fraud protection, and customer support via its app and online platform.
Serving Industries
Zempler Bank primarily serves microbusinesses, start-ups, and small enterprises across the UK. These are businesses that have traditionally been underserved by major financial institutions. Zempler Bank’s services are designed to meet the specific needs of this group, offering tools for easy money management, including cashflow tracking, integrated accounting, and a Business Creditbuilder feature to help businesses improve their credit ratings.
Regulation
Zempler Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Firm Reference Number 671140.
Customer Reviews
Trustpilot: 3,5 Stars with 11.000+ Reviews
Zempler Bank (formerly Cashplus) has generally received positive feedback for its services, but like many financial institutions, it has faced some criticism.
- Customer Service Issues: While Zempler Bank is praised for offering human support, there have been complaints about customer service, particularly regarding slow response times or unresolved issues. Some customers reported difficulties reaching the support team when problems with their accounts arose.
- IT and System Failures: Cashplus, before rebranding to Zempler, faced scrutiny from customers and MPs due to IT failures that left many unable to access their accounts. Such disruptions in service can erode customer trust, especially in the fast-paced world of digital banking.
- Limited Services for Larger Businesses: While Zempler focuses on microbusinesses and start-ups, its offerings may be too limited for larger businesses. Some critiques suggest that as businesses grow, they may outgrow the services provided by Zempler, particularly in terms of more complex financial products and higher transaction volumes.
Key People
The key figure at Zempler Bank (formerly Cashplus Bank) is Rich Wagner, the founder and CEO. Wagner has been the driving force behind the bank’s evolution from a prepaid card provider to a fully regulated challenger bank. He led the company through its rebranding to Zempler Bank in 2024, reflecting its focus on digital banking solutions for microbusinesses and start-ups.
Conclusion and Rating
In conclusion, Zempler Bank, previously known as Cashplus Bank, has successfully rebranded while maintaining a strong focus on microbusinesses, start-ups, and sole proprietors. The bank has demonstrated compliance with all necessary regulatory standards, having secured a full UK banking license in 2021, which solidifies its legitimacy in the financial sector. From a customer satisfaction perspective, Zempler Bank offers practical digital banking solutions, easy-to-use tools, and personalized customer support, addressing key needs of small businesses.
Despite some challenges with customer service response times and occasional technical issues, Zempler Bank has maintained a largely positive reputation, consistently improving its services. As such, based on its regulatory compliance and the overall customer experience, Zempler Bank meets the necessary criteria for a positive rating, particularly in terms of financial stability, innovation, and customer support.
On a compliance and customer service scale, Zempler Bank can be rated Green, indicating that it satisfies key benchmarks in both regulatory adherence and service quality
