AI Latest News SMEs

Fluidly Wins £5M in RBS Competition Funding to Unlock AI for SMEs

  • Banking Competition Remedies Ltd (BCR) announces latest tranche of £425M Capability and Innovation Fund (CIF) awards

  • CIF forms part of wider £775M RBS Alternative Remedies Package, administered by BCR

  • CIF is divided into four pools and Pool D aims to boost financial technology relevant to SMEs

  • Starling Bank, Metro Bank, ClearBank and Tide were awarded £280M in February

London-based fintech startup Fluidly has been awarded £5M as part of the RBS Alternative Remedies Package. The grant is one of five from Pool D of the £425M Capability and Innovation Fund (CIF) that forms part of the £775M package, which is administered by Banking Competition Remedies Ltd (BCR).

Fluidly, which is already connected to thousands of businesses, will use the funding to accelerate the development of its AI-driven cashflow management software and give small businesses better access to emerging technology. CIF Pool D grant money aims to facilitate the commercialisation of financial technology relevant to SMEs.

The intention of the fund is to break the stronghold of the big banks in the SME market

Following on from its £5M Series A in November 2018 led by Nyca Partners, the £5M BCR grant will significantly boost Fluidly’s existing expansion plans, data science capabilities and product roadmap. Fluidly aims to unlock financial data for SMEs and transform how businesses manage their finances, while also bringing together the wider banking and fintech ecosystems.

As part of the various public commitments the company laid out in its BCR bid, Fluidly aims to connect 400,000 SMEs to its platform by September 2022. In particular, Fluidly will work with accountants to offer improved financial support, to help the two thirds of small business owners losing sleep over cashflow concerns. The company has committed to delivering over 20,000 hours of cashflow advisory training by September 2022.

BCR made five awards available to CIF Pool D applicants, who were also awarded £5M. The winners of other pools announced so far include Starling Bank, Metro Bank, ClearBank in partnership with Tide, Nationwide, Investec and Co-op Bank. CIF Pool C winners will be announced in August.

Anne Boden, CEO of Starling Bank, told TFT:

“The intention of the fund is to break the stronghold of the big banks in the SME market. It’s been awarded to the banks that can actually shake up the competition. With that in mind, we’ll be able to build fantastic capability to help UK SME businesses.”

Please follow and like us:
error

Related posts

TFT Fintech Fast Five: InstaReM

The Fintech Times

More creativity and applications

thefintechtimes

Yandex.Checkout To Expand Collaboration With Riot Games

thefintechtimes
error

Enjoy this blog? Please spread the word :)