Metro, Starling and ClearBank win RBS fund
The RBS Banking Competition Remedies (BCR) has announced the winners of the awards of Pool A Capability and Innovation Fund, part of the Incentivised Switching Scheme (ISS).
The grants, which have a combined value of £280 million, are awarded as follows – £120 million to Metro Bank, £100 million to Starling Bank, and £60 million to ClearBank.
This is Pool A ,out of four, the largest of all. Details about Pools B, C and D can be found here.
The Capability and Innovation Fund Pool A is designed to promote competition in the market for banking services to SMEs in the UK through expansion of each successful applicant’s business capacity, product offering and/or target markets.
Consideration by the BCR board included any existing business current account offerings and how each business case facilitated the development of more advanced offerings of business products and accounts.
BCR received a total of 16 applications from six applicants for Pool A. As reported in December 2018, Santander, TSB and Nationwide were some of the names that made it to the scheme for extra cash.
BCR is the independent body established to implement the £775 million RBS State Aid Alternative Remedies Package.
Last month, BCR announced its plans for a second ISS application window to open this year.