Five fintech firms scoop combined £25m from RBS competition fund
Five fintech firms have been awarded a combined £25m from an RBS competition fund designed to boost business banking competition.
Codat, Fluidly, Form3, Funding Options and Swoop Finance were all given £5m in Pool D of the £775m fund, where the focus shifted to the commercialisation of fintech.
The capability and innovation fund was a condition of the governments £45bn bailout of RBS during the financial crisis.
The first round of the fund saw challenger bank trio Metro Bank, Starling Bank and ClearBank given a combined £280m earlier this year.
Metro Bank received the largest share – £120m – despite discovering a major loans blunder the just weeks earlier.
In Pool B, The Co-operative Bank, Nationwide and Investec were granted a total of £80m to modernise existing business account offerings.
Pool D, which has been awarded ahead of Pool C, has been designed to push fintech relevant to small and medium sized businesses.
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