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.

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