£5m for 5 – the SME fintechs who’ve been awarded RBS grants

Financial disaster has had a silver lining for some fintechs, with many benefitting from RBS’s remediation funding scheme, that was established in the wake of the financial crisis.

Five fintechs are beneficiaries of the latest round of grants. We had a quick look at who they are, and what they do.

Swoop Finance

Swoop’s matching technology helps SMEs find the right funder for their business. Working with over 1000 providers, they can serve up lenders that are a best fit. Born in Ireland, they cover the local and broader UK market.

Funding Options

Matching technology is clearly where the excitement is, with Funding Options performing a similar role to Swoop, this time matching those in need with more than 50 lenders.

Form3

Unlike Swoop and Funding Options, Form3 operates in the payments-as-a-service space. They have access to the Faster Payments Scheme, operating as a Direct Settling Participant. They exist to plug the awkward payments gaps that have arisen as businesses try to make payments work, across an increasingly fragmented ecosystem.

Codat

Codat should call themselves the connecter of the connectors. The company’s API allows you to integrate once to multiple accounting software platforms. Think of it maybe like the Yodlee of accounting.

Fluidly

Last but not least, intelligent cashflow management software Fluidly is all about helping businesses predict their financial future. The also offer automated credit control, claiming they are able to save businesses over 40 hours per month on cash collections.

Here’s hoping some great things come from the £5m grants these companies have received. It is certainly not spare change, and there will no doubt be great expectations from the community, to ensure that money is put towards building great products and experiences that avoid the very disaster the grants were born from.

Daily Fintech Advisers provides strategic consulting to organizations with business and investment interests in Fintech. Jessica Ellerm is a thought leader specializing in Small Business and the Gig Economy and is the CEO and Co-Founder of Zuper, a new superannuation startup in Australia.

I have no commercial relationship with the companies or people mentioned. I am not receiving compensation for this post.

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