Banking Competition Remedies (BCR) Capability and Innovation Fund is a package of measures with the aim of achieving the objective of promoting competition in the market for banking services to SMEs. It stems from state aid measures given to RBS and approved by the European Commission in 2009. GBP 100 million is currently being redeployed through ‘Pool E’, of which GBP 20 million is available to facilitate the commercialisation of financial technology that is relevant to SMEs.
Fractal and untied will use the BCR bid winnings to save 50,000 businesses a year, according to the official press release. Through SMART, Fractal and untied combine their technology and progressive regulatory changes such as Open Banking and Making Tax Digital to offer a SME centric solution which addresses revenue, costs, and cash.
Fractal is a platform-as-a-service that is reinventing how Small-Medium-Enterprises (SMEs) execute payments and access financial services. untied is a UK-based personal tax app. It is built for regular people and it is designed to help sole traders to get on top of their taxes.
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