Four FinTech firms have received £10m each from the latest pool of the Capability and Innovation Fund (CIF) under the RBS Alternative Remedies Package.
The latest pot of cash, Pool C, is part of a four stage series of pots for disbursing £425m in grants from the Royal Bank of Scotland bailout fund to boost banking competition.
In February UK challenger banks Metro, Starling and ClearBank were given £280m from RBS.
The Banking Competition Remedies said it received 76 applications for the Pool C process, of which Atom Bank, iwoca, Currencycloud and Modulr were selected.
Myles Stephenson, CEO of London and Edinburgh based Modulr said: “We want to make tired old payment technology a thing of the past for neglected Accountants and SMEs.
“Modulr was founded with a purpose to make money flow more efficiently through businesses and the economy. This award from the CIF will help us deliver on our vision and passion to support SME businesses to thrive across the UK.
Christoph Rieche, iwoca’s CEO and co-founder said the fund was a huge milestone for the business.
“We’re confident that we’ll be delivering on our commitment to make £5 billion available to 150,000 SMEs by 2023,” he said.
“iwoca is the only SME lender in the UK with the scale, level of experience and technology to dramatically expand and transform access to finance for small businesses.
“Our proven track record of industry firsts includes integrating with eBay and Amazon, being the first business to offer a Lending API, and the first SME lender to integrate with OpenBanking.”
Mike Laven, CEO of Currencycloud, said: “Traditional models of international payments have long failed small businesses, who have limited access to really great cross-border banking options.
“Through our established network of providers across the UK, Currencycloud is building products to reach parts of the market currently underserved by traditional players.”