The fund was set up in the wake of the Royal Bank of Scotland’s bailout. The BCR has awarded GBP 10 mln to each to Atom Bank, iwoca, Currencycloud and Modulr Finance, with each company making specific public commitments to increase lending or payments services to SMEs.
In total the BCR has GBP 775 mln to hand out to challenger banking firms in the UK to boost competition, particularly in banking services for small businesses.
In its public commitments iwoca included the development of a customisable self-serve OpenLending platform to connect its lending products with partners—including a new partnership to make iwoca’s loans more accessible to Xero’s 450,000+ UK subscribers.
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