Cynergy Bank bids for GBP 10 mln from the Banking Competition Remedies

Monday 31 August 2020 10:46 CET | News

Cynergy Bank has applied for a GBP 10 mln grant from Pool B of the Banking Competition Remedies (BCR).

BCR is a scheme set up to foster competition in UK banking as part of RBS’s response to EU state aid requirements. The funds will accelerate and broaden Cynergy Bank’s programme to boost its SME customer proposition and grow the number of businesses it can support.

If the funding application is successful, Cynergy Bank will create the UK’s first digital relationship bank for this vital and underserved section of the economy, according to the official press release. The bank aims to develop a Business Current Account with ancillary products and services to support SMEs with the ambition to ‘scale-up’.

The UK comes third in the Organisation for Economic Co-operation and Development’s (OECD) start-up index but ranks just thirteenth when it comes to scale-ups. Cynergy Bank will invest GBP 2 of its own funds for every GBP 1 it receives from Capability and Innovation Fund to the end of 2022 to build a sustainable and exciting long-term SME proposition for its addressable market.

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Keywords: Cynergy Bank, UK, fintech, challenger bank, digital bank, Banking Competition Remedies, banking, payments
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
This article is part of category

Banking & Fintech