Modulr wants to make payments an unfair advantage for accountants and their SME clients.
The Capability and Innovation Fund (CIF) is part of the Alternative Remedies Package of measures agreed between the UK Government and the European Commission following the failed diverstment of RBS' SME arm, Williams and Glyn.
The fund is designed to promote competition and provide greater banking services to SMEs. Modulr was chosen from 76 applicants to receive a £10m grant from the Capability and Innovation Fund. The fund is administered and overseen by the Independent Banking Competition Remedies Ltd (BCR).
We will transform accountants' ability to manage payments for SMEs.
Switching isn’t working for SMEs; we will create competition outside the existing banking system.
We will fight in the UK SMEs’ corner in making sure new, innovative payment methods solve SME pain points.
We will raise matched funds of £10m to supercharge our impact on competition.
We will create a minimum of 64 high quality regional UK jobs.
We know we need to partner with accounting software providers to maximise our reach.
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