Atom Bank, iwoca, Currencycloud, Modulr to split GPB 40 mln in BCR cash

Thursday 15 August 2019 00:05 CET | News

Lenders iwoca and Atom Bank are among the recipients of a GBP 40 mln tranche of cash from the Banking Competition Remedies (BCR) fund.

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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Keywords: Atom Bank, iwoca, Currencycloud, Modulr, Banking Competition Remedies, Royal Bank of Scotland, UK, banking, financing , lending, payments services, SME, B2B payments
Countries: World