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Cashplus to acquire icount with banking application pending

Cashplus, a U.K.-based provider of banking and credit services for small businesses and consumers, has signed a definitive agreement to acquire the current account portfolio of icount for an undisclosed amount, according to a press release. The deal is expected to be the first U.K. fintech acquisition of the new year.

The acquisition will send five thousand accounts and $2.7 million in monthly transactions from icount to Cashplus.

The consolidation deal comes with Cashplus in the final stages of its application to become a full U K. bank.