The Board of Banking Competition Remedies Ltd (BCR) today announces the results of the Capability and Innovation Fund Pool D grant process.
The Capability and Innovation Fund Pool D is designed to facilitate the commercialisation of financial technology that is relevant to SMEs.
Five £5m grants are awarded to the following organisations:
- Fluidly Limited
- Form3 Ltd
- Funding Options Ltd
- Swoop Finance
The five successful applicants will shortly be invited to enter into a Capability and Innovation Fund Agreement with BCR.
As part of the application process, each organisation has provided BCR with a set of public commitments stating what it will deliver with these funds. The commitments of those awarded can be found at https://bcr-ltd.com/reports-statistics/. Progress against these public commitments will be published on a quarterly basis on the BCR website.
How BCR makes Capability and Innovation Fund decisions:
As required in the project design, BCR engaged an external contractor, Baringa, with specialist procurement and evaluation experience to deliver the pre-board processes and act as a resource to the BCR board.
The assessment and decision-making processes have been completed on time and adhered to the assessment criteria. Consideration by the BCR Board centres on assessment of the extent to which eligible applications advance the objectives of the scheme as clearly set out by BCR and visible within the application process.
More information on the decision-making process can be found here.
Commenting on the Pool D grant process, Godfrey Cromwell BCR’s Chairman said: “Pool D is for the commercialisation of FinTech. There is a vibrant and varied FinTech community across the UK and Europe and BCR received a diverse range of strong, ambitious and innovative applications. It was very difficult to get down to just 5 awardees – we could easily have awarded to many more. Those selected provide services ranging from lending to international payments, from cashflow management to technology infrastructure, and are an exciting addition to the portfolio of CIF grants to date.’
BCR received a total of 60 applications for the Pool D process during an application window between 1 November 2018 and 30 April 2019.