UK FinTechs gain £40mn from RBS fund

August 15, 2019 | Payments
Written by FinTech Alliance
UK FinTechs gain £40mn from RBS fund

Atom Bank, iwoca, Modulr Finance and Currencycloud have been awarded £10mn each from the Banking Competition Remedies Board.

In brief:  

  • This is part of the disbursement of £425mn worth of grants from the Royal Bank of Scotland bailout fund to boost competition in banking.

  • Atom provides mortgages and savings services via mobile and iwoca provides fast small business loans to improve cash flow.

  • Modulr provides digital payments accounts for businesses, while Currencycloud offers payment infrastructure.

What does this mean?

The companies will use the grant money – with iwoca and Atom both pledging to top it up – to develop payments and lending infrastructure for the benefit of SMEs in the UK. SME support has been a huge gap in the market, taken advantage of by a variety of FinTechs including OakNorth.

More in Payments

Coinbase becomes Visa Principal Member
Payments
February 21, 2020

Coinbase becomes Visa Principal Member

Cryptocurrency business Coinbase is now a Visa Principal Member, giving it more control over its pro...

Wirecard, Raiffeisen Bank International partner across Eastern Europe
Payments
February 20, 2020

Wirecard, Raiffeisen Bank International partner across Eastern Europe

Wirecard and Raiffeisen Bank International have partnered to provide digital payment solutions for l...

Ally buys CardWorks for $2.65bn
Payments
February 20, 2020

Ally buys CardWorks for $2.65bn

Ally Financial has purchased CardWorks for $1.35bn in cash and $1.3bn in stock. In Brief:...

Payments
January 23, 2020

Responding to leaps in payments: from unbundling to stablecoins - speech by Christina Segal-Knowles

Christina Segal-Knowles looks at the future of regulation in the payments industry. That includes...

Payments
January 20, 2020

The Impact of Regulation on Securing Mobile Payments

Juniper Research’s complimentary whitepaper, The Impact of Regulation on Securing Mobile...

Payments
January 20, 2020

Tokenisation to generate over $40 billion in revenues globally by 2024, as remote tokenisation scales up

A new report from Juniper Research found that annual revenues from tokenised mobile paymen...

Money 20/20 Asia

Money 20/20 Asia

When: Mar 24th - Mar 26th, 2020
Where: Marina Bay Sands, Singapore , GB
Price: £910
Sibos Boston

Sibos Boston

When: Oct 05th - Oct 08th, 2020
Where: Boston Convention and Exhibition Center (BCEC), Boston , GB
Price: £1,000
Money 20/20 USA

Money 20/20 USA

When: Oct 25th - Oct 28th, 2020
Where: The Venetian, Las vegas
Price: £1,700