BCR splits £40m between four FinTechs

The board of Banking Competition Remedies (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.

This fund is designed to facilitate the expansion of business offerings to include lending or payments services to small and medium-sized enterprises (SMEs) in the United Kingdom, 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.

BCR chairman Godfrey Cromwell commented: “Pool C centres on lending and payments services to SMEs – the four selected organisations address these areas and complete our portfolio of CIF grants.”

“Now the emphasis is on monitoring each recipient’s reporting and deliverables,” he continued, adding: “Their public commitments can be seen on our website and performance against these will be regularly updated there.”

BCR received a total of 76 applications for the Pool C process during an application window between 1 May and 28 June.

Christoph Rieche, iwoca’s chief executive and co-founder, stated: “We’re confident that we’ll be delivering on our commitment to make £5 billion available to 150,000 SMEs by 2023.

“Winning the grant enables us to accelerate our mission to make finance available to one million SMEs.”

Mike Laven, chief executive of Currencycloud, said: “Traditional models of international payments have long failed small businesses, who have limited access to really great cross-border banking options – the industry has been so far focused on improving the experience when paying suppliers.

“Through our established network of providers across the UK, Currencycloud is building products to reach parts of the market currently underserved by traditional players.”

    Share Story:

Recent Stories

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.