SMEB, a banking and financial technology company dedicated to supporting small business, has launched a nationwide consultation for locations to place their brand-new cash deposit bank hub for small businesses.
Small and Medium Enterprise Banking (SMEB), was founded by British payment veterans to respond to the rapid reduction in local banking services that has left millions behind. The company, which is an FCA Approved Payment Institution, plans to rapidly scale its footprint across England this year with the placement of its proprietary banking hubs.
Each SMEB Cube will be located in a retail store, council buildings or other convenient place on the high street, offering a place for businesses to make cash deposits. The company plans to upgrade these cubes over time to offer free access to cash and additional banking services.
The company is now finalising where to rollout the first SMEB Cubes and has asked for public input to help narrow down the candidates. Small business owners who would benefit from easier access to cash should go to smeb.co.uk/smebcubepostcode/ and enter in their post code. No identifying information is required.
There is no shortage of possible locations. Nearly one million Britons live more than 10 miles from their nearest cashpoint, and hundreds of thousands of small businesses have no way to easily deposit cash. This is despite an uptick in cash use last year, including a 15% rise in withdrawals from the post office.
Andrew Martin, Chairman of SMEB, said: “We founded the company to fill a widening gap we saw forming across the country – small businesses without the essential banking services they need. We’re keen to provide the biggest possible impact in the shortest time, which is why we want to hear from local communities on where we can provide the most value. This is the first step in our ambitious, nationwide rollout plan.”