A six-figure deal has been signed by a North East cash management company to implement its next phase of growth in the north east.
Cascade Cash Management will use the funds to invest in the technologies that support its platform and expand its base in Wallsend.
Next year, new jobs in sales, finance, and administration are expected to be created.
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With more than £200 million currently under its management and a network of more than 3,500 financial advisers using its platform around the UK, the company has already managed more than £1 billion in client assets.
Cascade, which was founded in 2015 by Dr. Emma Black and her brother and business partner Stephen, has now collaborated with regional fund management firm NEL Fund Managers to secure a £150,000 investment from the North East Growth Capital Fund.
The funds will be used to invest in the technologies that support its platform.
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Cascade Cash Management was recommended by Carl Swansbury, partner and head of corporate finance at the business advisory firm Ryecroft Glenton.
Dr. Black said: “Cascade was set up to address the inertia in the UK savings market, which is estimated to be worth around £3tn, and to enable individuals, businesses and charities to get the best available returns on their cash, rather than leaving it lying inactively in the same unrewarding accounts.
“Our systems monitor one of the world’s largest sterling cash datasets on a daily basis, which makes it easy for us to identify and access the best combination of rates and returns for clients, whatever their preferences and objectives might be.
“Our competitors aren’t able to provide this degree of insight and agility, while the fact that the accounts we open on clients’ behalf are in their name, rather than ours, means they retain total control over their assets.
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“We built the platform ourselves and have proved over several years that it delivers on the promises that we make to our clients, so now want to invest more in developing the technologies that underpin it and further enhance the breadth and effectiveness of the services we offer.
“NEL’s investment offering was a really good fit with our requirements and the team helped to make securing this growth capital a pretty straightforward process.”
Jane Siddle, senior investment executive at NEL Fund Managers, added: “Cascade has brought a fresh new approach to the UK savings market and is making technology and service investments that will further enhance clients’ access to the best available savings accounts and products.”
NEL Fund Managers has been accredited under the Recovery Loan Scheme by the British Business Bank to provide loans of between £25,001 and £250,000 to regional firms as part of its wider investment offering of up to £500,000.
Source: Business Live
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