Payments provider Contis enters the running with dual £10m and £25m BCR bids

By Oliver Smith on Thursday 6 August 2020

Digital Banking

Becoming the 11th Pool E bidder.

Payments provider Contis enters the running with dual £10m and £25m BCR bids
Image source: Contis.

Contis has become the 11th BCR Pool E bidder to make themselves public, with the payments provider being first to publicly throw its hat in the ring for the £10m grant.

Unlike most other rival applicants, Contis is aiming to use the funding to support the creation of services which enable new fintech businesses to flourish.

The new services—called Canvas, Engage and Freedom—include the ability for third-parties to offer credit, digital credit referencing, budgeting tools, automated payments, cash flow insights and much more.

If successful Contis believes the technology has the potential to empower over 200 fintechs and credit unions.

“Our mission is to democratise payments and financial services for all SMEs, so they’re spoilt for choice with innovative and affordable solutions that meet their exact needs,” said Contis founder and executive chairman Peter Cox.

“Our approach, based upon proven technologies, will broaden and disrupt the services available to SMEs far beyond the capabilities of existing providers such as the big banks.”

This bid comes less than 24 hours after AltFi exclusively revealed Cashplus had entered a dual bid for the £25m and £35m grants, of which only one is available for each.

For the £25m grant Contis will also go up against existing awardees Tide and ClearBank with their joint bid, and Starling Bank.

In the £10m grant fewer bidders have made themselves known, with Contis becoming the first to publicly delare.

Round 2 awardees—which include the winners of the £35m grant, £25m grant and two £10m grants—are due to be announced during the week of 21 September.

Here are the 11 current public applications as they stand:  

Bidding for larger grants (£10-35m)

Bidding for smaller grants (£2.5-5m)

Bidding, but unclear for which grant size

Know of any other BCR Pool E bids? Let us know.

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