Cashfac Technologies Plc the leading provider of cash management solutions and services, today announced record half year revenues driven by two significant new distribution agreements and consistent growth of the company’s cloud applications.
Cashfac’s European operations completed two significant bank partner distribution agreements with new bank partners extending Cashfac’s reach into the market and creating a broader platform for future growth. Both Bank Partners are expected to be live on Cashfac’s platform and offering Cashfac based cash management solutions to their corporate clients before the end of Q1 2015.
Commenting on the company’s growth, Richard Cummings, Deputy CEO, stated “We are delighted with the company’s performance and our clients appetite for our solutions and services. Managing cash has never been more challenging for our corporate clients; responding to regulation, managing liquidity and enhancing working capital across multiple regions with multiple currencies. Our approach of building flexible operational cash management solutions to address these challenges and making them available via Bank partners or from Cashfac directly is really resonating. The two new bank partner contracts will make it easier for Corporates to access and benefit from our solutions”
Momentum behind the company’s Cloud based services has continued to grow. The first Cloud application was launched for local government and public bodies to administer cash for vulnerable members of society and provide community banking services, however the company has recently extended the suite of Cloud applications to address new industry-vertical markets such as Property Management, Insurance, SIPP, Insolvency and Law and Trust. “The extension of the cloud based services has really captured our clients interest, and the fact that we’re taking the heavy lifting away from clients with Managed Services operation has made them easier to consume.” explained Paul Ormrod, Founder and CEO. “We are continuing to invest in our software platform and cloud services with a roadmap of significant new developments available in Q2 2015 – we aim to remain the most innovative vendor in the operational cash management space.”
The company has recently expanded its Asia Pacific operations opening direct operations in Singapore to work directly with multi-banked corporations and expand the number of bank partners offering its Cash Management solutions. “Cashfac’s international expansion will continue not only in Asia but more broadly across Europe, Middle East and Africa. The solutions which have driven the company’s market dominance in the UK are equally appealing to Banks and Corporations in these markets as they seek to achieve greater transparency, control and compliance in their cash management operations.” commented Cummings.