Why did RBS give Atom bank, iwoca, Modulr Finance and Currencycloud £10m each?

Four finance firms have been given £40m to share by the Royal Bank of Scotland. Here’s why.

Challenger bank Atom bank, small business lender iwoca, payments platform Modulr Finance and international payments company Currencycloud were given the money to help improve lending and payment services to small enterprises in the UK.

They were elected by the board of Banking Competition Remedies (BCR), an independent body set up to invest £775m from the RBS state aid alternative remedies package. BCR chose these four from 76 applications.

The fund itself was established as a condition for the government’s £45bn bailout of RBS during the financial crisis, City A.M. reported.

FinTech Global recently reported about iwoca when the company raised raised a £150m Series D round in February.

In a related story, Atom bank raised a £50m fundraising round to scale its tech and reach in July. The round saw money injected from financial security investment company Banco Bilbao Vizcaya Argentaria (BBVA), hedge fund Toscafund and Woodford Patient Capital Trust as well as funds advised by Perscitus.

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