Funding Xchange, Onfido and Fractal Labs among the BCR £20m small grant winners

By Oliver Smith on Tuesday 18 August 2020

Digital Banking

Coconut and Sonovate among those missing out.

Funding Xchange, Onfido and Fractal Labs among the BCR £20m small grant winners
Image source: Codat.

The first awardees of British Competitions Remedies (BCR) Pool E fund were revealed this morning, with £5m and £2.5m grants awarded to six fintechs.

Among the £2.5m grant winners were Fractal Labs and Untied, Codat, Ezbob, and Previse, while for the larger £5m grants Funding Xchange and Onfido took the top awards.

“It has been really encouraging to see that, despite the challenging economic environment, this Pool has attracted a large number of diverse and innovative organisations that are making strong progress in meeting the needs of UK SMEs,” said Aidene Walsh, lead director on the BCR’s Capability and Innovation Fund.

The BCR said it received a total of 92 applications from 67 applicants in the first stage of Pool E, which covered just £20m of the total £100m Pool.

“All successful applicants have demonstrated a clear vision for how they will deliver on their business proposition by December 2022 and provide agile and enduring products and services to the SME market”.

Next month the remaining £80m will be awarded through two £10m, one £25m and one £35m grant, with awardees due to be announced during the week of 21 September.

Among the names missing out this morning were Coconut and Sonovate, both disclosed they had filed £5m Pool E bids but neither managed to secure funding.

Both Trade Finance Global and Trade Ledger revealed they had made bids, but it’s unclear whether the duo may have been bidding for the larger grants still to be awarded.

Here are the awardees and open bidders as they stand:

Bidding for larger grants (£10-35m) 

Smaller grants awarded (£2.5-5m) 

Bidding, but unclear for which grant size 

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

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.