British fintech Zempler Bank took advantage of the price cut deal

Thursday 12 February 2026 17:27

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London-based fintech Zempler Bank has been taken over by Nigeria’s biggest bank in a deal that slashes the company’s valuation, AM City can reveal.

The small business lender – previously known as Cashplus – has been acquired by The Access Bank UK for a price tag of around £3.45p per share.

The sale represents a dramatic haircut for Zempler, which carried a valuation of £80 million in its 2020 fundraising round.

The rise has taken the share price to over £9, and the acquisition of Access has had a major impact on the fintech’s value.

In Zempler’s latest Companies House filing for the year ending March 31 2025, the digital bank’s profits grew 58 per cent to £5.2m.

But its net borrowings fell 10 per cent in the period to £25.5m from £28.2m, while debt charges – where creditors claim losses on accounts that have not yet been paid because they are deemed unlikely to be collected – rose to £5.9m from £4.3m.

Zempler suffers from ‘long term silent loan’

The company cited “a decrease in arrears caused by the cost of living crisis at the beginning of the year [and] the emergence of premature defaults on previous year acquisitions following long periods of forbearance borrowing.” This also marks “proactive balance sheet management of accounts that have historically had long-term repayment plans.”

‘Micro business’ customers – the company’s focus – remained broadly the same at 170,280 – an increase of just 0.57 per cent on the financial year.

In Access Bank UK’s latest report for the 2024 financial year, the company’s pre-tax profit grew 14.5 per cent to £173.4 million (£127.32 million). The Lagos-based bank’s assets swelled nearly 40 percent to $6.13 billion.

The lender is the UK subsidiary of Nigeria’s largest bank, specializing in trade lending, asset management and private banking for UK-based clients.

AM City it was revealed last year that the Access boss had bought a £15 million mansion in one of London’s most prestigious postcodes.

Roosevelt Ogbonna, who took over in May 2022, bought a luxury property in north London.

The transaction for the property was completed in August, according to Land Registry documents, while Access Bank’s UK branch has also issued a mortgage in relation to the site.

When contacted for comment, spokespeople for both companies issued similar statements.

“Access Bank UK Limited has agreed to acquire 100 per cent shareholding in Zempler Bank Limited,” they said.

“The transaction has now received regulatory approval and is expected to close in the coming weeks.”