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’.
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