Five fintech startups - Codat, Fluidly, Form3 Funding Options and Swoop Finance - are the latest beneficiaries of the RBS bail out fund, each picking up £5 million in awards to boost competition in the market for SME banking.
The Banking Competition Remedies Board says it received a total of 60 applications for Pool D Capability and Innovation grants during an application window between 1 November 2018 and 30 April 2019.
Godfrey Cromwell BCR’s chairman says: “Pool D is for the commercialisation of fintech. There is a vibrant and varied fintech community across the UK and Europe and BCR received a diverse range of strong, ambitious and innovative applications. It was very difficult to get down to just 5 awardees - we could easily have awarded to many more. Those selected provide services ranging from lending to international payments, from cashflow management to technology infrastructure, and are an exciting addition to the portfolio of CIF grants to date."
The next batch of handouts from the £425 million Capability and Innovation Fund will focus on the expansion of business offerings to include lending or payments services to SMEs in the UK. It comprises of four awards of £10m each and opened on 1st May 2019 for applications and closes on 28th June 2019.
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