BCR publishes progress updates on Public Commitments
The Board of Banking Competition Remedies Ltd (BCR) today publishes progress updates for Pool A, B, C and D recipients, providing a summary of performance against their public commitments to the period 30th June 2021.
The updates of those awarded, their original commitments made and key achievements to date can be found here.
In this reporting period, BCR approved a business case change for iwoca mainly due to reallocation of spend to support future initiatives following success of its lending offering. These changes have now been reflected in its public commitments.
Aidene Walsh, CIF executive director, said: “This latest round of reporting continues to demonstrate the strong performance from the majority of awardees in creating new products, services and networks in support of UK SMEs with an increasing number of Public Commitments being met ahead of schedule. Awardees have also delivered strong customer experiences which will serve them well in increasing their SME impact.”
A summary of performance against awardees public commitments can be found in the notes to editors, with links to the full updates provided below:
Pool A ninth quarter update
- Starling Bank Limited public commitment progress update
- Metro Bank plc public commitment progress update
- ClearBank Ltd public commitment progress update
Pool B eighth quarter update
- Investec Bank plc public commitment progress update
- The Co-operative Bank plc public commitment progress update
Pool C seventh quarter update
- Atom Bank plc public commitment progress update
- The Currency Cloud Group Ltd public commitment progress update
- iwoca Ltd public commitment progress update
- Modulr Finance Limited public commitment progress update
Pool D eighth quarter update
- Codat Limited public commitment progress update
- Fluidly Limited public commitment progress update
- Form3 Ltd public commitment progress update
- Funding Options Limited public commitment progress update
- Swoop Finance Limited public commitment progress update
The next progress updates for Pool A, B, C and D awardees will be in November 2021. Pool E awardees will provide their next reporting update in October 2021. As part of BCR’s role in monitoring the way that organisations are using the funds, BCR holds awardees to account on their progress against business plans which includes meeting all the recipients. For more details on how BCR monitors CIF awardees see here.
Pool F: new funding round under the CIF scheme
Following the consultation period for Pool F, BCR has confirmed that the grant sizes to be made available are 2x£5m and 1x£2.5m. The application window opened on Wednesday 25 August with over 60 companies indicating early interest. Further details can be found here.
