Starling Bank seeks GBP 35 mln in competition funding

Friday 3 July 2020 13:29 CET | News

Starling Bank has planned to apply for grants worth up to GBP 35 million from an EU-backed competition fund that has already awarded it GBP 100 million.

The startup bank is applying for two grants from a new pool of funding offered by the Banking Competition Remedies (BCR). Starling is applying for grants worth GBP 35 million and GBP 25 million to build new products for small and medium-sized businesses. If Starling is successful, it plans to use the money to build tech for more difficult to reach parts of the small business market, such as non-profits and companies with complex ownership structures, according to Yahoo Finance UK.

BCR runs a GBP 775 million ‘alternative remedies’ fund set up by Royal Bank of Scotland to encourage competition in the UK banking market. The fund was created to satisfy EU state aid rules, following the bailout of RBS by the UK government in 2008. Starling was awarded GBP 100 million from the fund in 2019 to develop new products for the SME market.

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Keywords: Starling Bank, competition funding, grants, EU-backed competition fund, startup bank, BCR, Banking Competition Remedies, SMEs, small business market, alternative remedies fund, Royal Bank of Scotland, UK, United Kingdom, banking market, EU state aid rules
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech