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Five fintech firms scoop combined £25m from RBS competition fund

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Five fintech firms have been awarded a combined £25m from an RBS competition fund designed to boost business banking competition.

Codat, Fluidly, Form3, Funding Options and Swoop Finance were all given £5m in Pool D of the £775m fund, where the focus shifted to the commercialisation of fintech.

Read more:Metro, Starling and Clearbank win £280m from RBS competition fund

The capability and innovation fund was a condition of the governments £45bn bailout of RBS during the financial crisis.

The first round of the fund saw challenger bank trio Metro Bank, Starling Bank and ClearBank given a combined £280m earlier this year.

Metro Bank received the largest share – £120m – despite discovering a major loans blunder the just weeks earlier.

In Pool B, The Co-operative Bank, Nationwide and Investec were granted a total of £80m to modernise existing business account offerings.

Pool D, which has been awarded ahead of Pool C, has been designed to push fintech relevant to small and medium sized businesses.

Read more: Eleven banks chosen to join £350m RBS incentivised switching scheme

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