Banking Competition Remedies Fund unveils latest grants
Three fintech companies have received funding in the latest round of grants from the Banking Competition Remedies (BCR) capability and innovation fund.
The BCR scheme was set up by the UK government to distribute £775m from Royal Bank of Scotland as a condition of its state bailout in 2008.
Previous recipients include Ebury and MarketFinance.
The latest brands to get grants under the scheme are Cashplus Bank, Swoop Finance and Codat.
Challenger business banking brand Cashplus Bank received £5m.
Codat, which provides financial application programming interfaces also got £5m.
Business finance comparison service Swoop received a grant worth £2.5m.
Read more: Funding Xchange secures grant for finance hub
“This pool has seen very innovative propositions leveraging market infrastructure such as open banking which will really start to level the playing field not only for providers but also for small businesses who will be able to take advantage of best of breed solutions from multiple providers without creating a significant admin burden for themselves,” Richard Anderson, chair of BCR, said.
“As with previous rounds, it has been difficult to narrow the awards down to a small number of outstanding winners and BCR looks forward to monitoring their progress as they implement their programmes and contribute to creating further competition in the provision of services for UK small- and medium-sized enterprises.”