Newport-based CashCalc, a market leading provider of cashflow planning software in the UK, has seen a 100 per cent increase in its total Funds Under Calculation over the past 12 months, taking the figure beyond £100bn.

The fintech company CashCalc has its head office next to the Brynglas Tunnels in Newport., Founded by chartered financial planner Ray Adams in 2014, CashCalc specialises in developing cashflow planning software for financial advisers around the UK.

In August 2018, the software provider celebrated hitting £50bn funds, and has since increased this by 100 per cent over the past 12 months to hit more than £100bn.

Director Ray Adams said: “Reaching this latest milestone is an immense achievement, especially since I only founded CashCalc a few years ago back in 2014. The firgure of £100bn Funds Under Calculation is an enormous one and one which rivals some seriously big companies.”

Funds Under Calculation is classified as the total liquid assets of every client entered into the system. This would include every client’s personal pension or Cash ISA, for example.

The software is used by advisers to produce almost 30,000 financial forecasts every month for nearly 200,000 clients around the world.

CashCalc said its growth was due to the rising popularity of cashflow planning as standard practice among financial advisers, combined with their focus on developing easy-to-use tools.

Ray said: “CashCalc is built to be as straightforward as possible for both financial advisers and their clients. Just as you wouldn’t need training to use your mobile phone, we’ve developed CashCalc in the same way.

“Its success is also thanks to my team behind the scenes. I’m lucky to have a young, motivated and talented local team, that’s determined to push the boundaries for what’s possible and as a result, we are helping to change how financial advice is provided in our profession.”