Capability and Innovation Fund

The purpose of the Capability and Innovation Fund is to encourage eligible bodies to:

  1. develop and improve their capability to compete with RBS in the provision of banking services to SMEs; and
  2. develop and improve the financial products and services which are available to SMEs.

The Capability and Innovation Fund comprised a total of £425 million which is divided into four pools.

BCR was responsible for evaluating the applications and disbursing the funds. All fifteen grants have been awarded. For more information on how BCR made CIF decisions see here.

With all awards now disbursed to 15 awardees, BCR’s focus in CIF is on monitoring of delivery. How BCR monitors Capability and Innovation Fund awardees can be found here.

Pool A


To facilitate the development of more advanced business current account offerings and ancillary products for SMEs in the UK giving preference to beneficiaries with an established business current account offering.

Pool B


To facilitate the modernisation of existing business current account offerings or the development of new business current accounts or ancillary product propositions for SMEs in the UK.

Pool C


To facilitate the expansion of business offerings to include, lending or payments services to SMEs in the United Kingdom or international payments services to SMEs in the United Kingdom. 

Pool D


To facilitate the commercialisation of financial technology that is relevant to SMEs.

Number and value of grants:

£120 million – Metro Bank PLC

£100 million – Starling Bank Limited

£60 million – ClearBank Ltd

Number and value of grants:

£50 million – Nationwide Building Society

£15 million – Investec Bank plc

£15 million – The Co-operative Bank

Number and value of grants:

£10 million – Atom Bank PLC

£10 million – The Currency Cloud Group Ltd

£10 million – iwoca Ltd

£10 million – Modulr Finance Limited

Number and value of grants:

£5 million – Codat Limited

£5 million – Fluidly Limited

£5 million – Form3 Ltd

£5 million – Funding Options Limited

£5 million – Swoop Finance Limited

Public Commitments

To view all Public Commitments and Quarterly Updates, please see here

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