A new FinTech aiming to tackle the rapid decline of Britain’s bank branches has been approved by the FCA as a payment institution that can accept cash deposits from UK SMEs.

Small & Medium Enterprise Banking (SMEB) is developing a physical High Street network, alongside technologies, to service the UK’s roughly 5.5 million SMEs.

The move comes after 5,835 bank branches have been permanently closed since January 2015, at a rate of 54 a month, according to Which?.

Andrew Martin, chairman of SMEB, said that traditional banks have "abandoned" the High Street.

"We believe that Britain’s millions of small businesses deserve better," he continued. "They need a bank that helps them succeed; a bank that takes all payments - including cash, that has a local presence and works with, not against, their technology."

The new company is able to directly process and accept payments from customers using Visa and Mastercard debit and credit cards.

The FinTech is also connected to 3,500 EU banks for Open Banking services.

SMEB said that it plans to share information about its official launch, along with the first locations of its banking hubs, later in the Spring.

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