4 fintechs awarded £40m to address SME funding gap
Four fintechs have been awarded £10 million each to address the funding gap for SMEs.
The Board of Banking Competition Remedies Ltd (BCR) has awarded £10 million grants from its Capability and Innovation Fund Pool C to Atom Bank, iwoca, Modulr Finance and The Currency Cloud Group.
The fund is designed to facilitate the expansion of business offerings to include lending or payments services, or international payments services, to SMEs in the United Kingdom.
The successful applicants will shortly be invited to enter into an agreement with BCR, with a set of public commitments that are measured for progress on a quarterly basis.
“Pool C centres on lending and payments services to SMEs. The four selected organisations address these areas and complete our portfolio of CIF grants,” said Godfrey Cromwell, BCR’s chairman.
“Now the emphasis is on monitoring each recipient’s reporting and deliverables. Their public commitments can be seen on our website, and performance against these will be regularly updated there,” Mr Cromwell said.
BCR received a total of 76 applications for the Pool C process during an application window between 1 May 2019 and 28 June 2019.
BCR is the independent body established to implement the £775 million Royal Bank of Scotland (RBS) State Aid Alternative Remedies Package.