Cascade begins savings innovation for the millions

February 3, 2021

Cascade Cash Management (Cascade) is excited to begin 2021 having had a strong 2020 despite the year’s challenges, finishing the year being named as the Most Innovative FinTech Company of 2020.

Cascade is the region’s leading, award-winning cash management service.

In a nutshell, Cascade delivers an independent and transparent savings service originally designed to generate enhanced cash returns and increased depositor protection through professional cash management.

Having administered £370 million of cash savings by 2015, the company began the build of its unique online savings portal that has today seen the team administer over £1 billion, servicing more than 3000 advisers across the UK.

Cascade boasts an online fintech portal, which is the only one of its kind in the UK, and the company is proud to support and work alongside some of the region’s great talent, including, for example, the teams at Shout, Get Brindled, Inveniam and Hedley McEwan.

Ready to announce an invigorated new board this coming spring, the company, buoyed by national acclaim from many financial awarding bodies in the last year, is poised on the brink of a change that will expand the service to even more clients and partners.

The team are close to completing its seed funding round that will see further automation of the savings technology platform to allow the team to support savers with lower cash balances.

The Cascade service is unique in the market in that it allows independent and unbiased cash solutions for a range of client types, meaning clients don’t have to choose only one bank.

With the online portal and Cascade’s client support team, all banks are accessed quickly and easily, on a daily basis.

The service is the only one of its kind that tracks every bank and building society in the market and it’s this breadth and depth of data that affords clients the best possible outcomes from their cash.

The Cascade team helps clients in completing the onboarding paperwork for each bank and building society selected, and savers are then able to use the portal to view their savings in one convenient place, with the dedicated support of Cascade personnel.

Clients of the service include individuals, companies and charities. Partners of the service include independent financial advisors, solicitors, attorneys and accountants, while many more can also self-brand the product for presentation to their own clients.

Many companies with cash funds have made use of Cascade’s services with meaningful impact on the bottom line, with some clients able to earn up to £30,000 extra a year in returns, while also being able to relax enjoying increased depositor protection.

Dr Emma Black, Cascade’s managing director, says: “As a team, we have now administered well over £1 billion of deposits, with the majority of that in the last three years since we launched our fintech portal.

“We now have over 100 partners and 3000 advisors engaged across the UK.

“Enquiries and new customer sign ups since the outbreak of COVID-19 have increased and we have supported those looking for increased depositor protection on sums that outweigh the protection offered by the Financial Services Compensation Scheme.

“It is without doubt that those with large chunks of cash are looking to spread it across different banking licences in the current market.

“Along with that, we also work hard to break the mould in that we have the perfect combination of fintech opportunity combined with a high-quality, traditional people-centred customer care philosophy.

“Combined together, these features make for a powerful and impactful service that our clients and partners seem to really enjoy.”

This approach has seen the necessary expansion of the team in the first month of 2021.

The team of eleven has seen three new additions, which include Jane Gray, as executive assistant and office manager; Dr Ryan Dias, as client relationship manager with a business development and customer service focus; and Ryan Grave, who has been brought in through the Northern Skills apprenticeship scheme to learn the business from the ground up.

Uniquely, a number of charities successfully use the service and such clients have earned significantly greater returns through the Cascade service.

Dr Black, who launched the company alongside brother and business partner Stephen Black, continues: “A mental health charity using Cascade earned an additional £20,800 per year net of all fees on their £2 million cash when compared with what they had been earning sat in their current account.

“Without our portal and excellent customer support, this charity could have missed out on what is to them a really good chunk of money.

“We are purpose-led as an organisation and the impact that this extra money can have for our clients is significant and is making a real difference day-by-day.”

In the last year, Cascade has won an accolade for customer service at the Financial Innovations Awards and invested in the portal further, with an exciting roadmap to make greater use of their data and support their clients and partners further with dedicated relationship manager support.

On the back of this, the company is poised for its next stage of growth.

That progression will include further investment to build out the savings platform, which will include digitalising the onboarding process for new clients alongside the creation and launch of a data analytical portal to complement the existing offering.

Dr Black adds: “After a large initial financial investment, three years after launching our online portal, Cascade is now comfortably moving into profitability, allowing for new investment to be attracted and for future growth to be planned.

“The real beauty is that we can now demonstrate the need for our service and our success and capability in delivering brand new financial technology.

“We intend to build upon this with our selected business partners, passing on in-depth knowledge and superb customer support for those who deposit cash with us.

“This coming year will also see Cascade’s journey into regulatory permissions, including AISP and PISP certification, which will open up new avenues for us.

“We will continuously strive to be ahead of the market, offer innovative technology growth and invest in steps that mitigate risk on every level.”

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