Contis seeks £35 mn from RBS Capability and Innovation Fund to boost SME growth

Source: IBS Intelligence 2020-08-07

Peter Cox, Executive Chairman, and Founder, Contis

UK-based payments provider, Contis announced that it has applied for two grants under the RBS & BCR Alternative Remedies Packages, that amounts to £35 million. Contis stated that the funding would be used to boost FinTech innovation in the UK through the development of an off the shelf, B2B e-card payment technology platform for the SMEs.

Peter Cox, Founder and Executive Chairman of Contis, said, “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. 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.

“By driving competition and innovation, while improving the availability of funding, our approach will increase the services on offer to SMEs and make them more affordable, therefore becoming easier for every entrepreneurial person with vision to run their own businesses.”

The company said that it will be offering three channels to SMEs and sole traders in a bid to maximise support. These include Canvas for Business, Engage for Business, and Freedom for Business.

Canvas for Business is expected to increase competition by offering FinTechs serving the SME market with advanced technology, credit referencing capabilities and encourage the FinTechs to lend to their SME client base via Contis’ credit licence.

Engage for Business is currently used by over 150 credit unions. The solution enables the credit unions to roll out business accounts and payments products for the first time, allows redeployment of excess funds in the SME sector, thus transforming access to finance for sole traders and SMBs. Contis also offers large SMEs with a direct-to-market solution, including a bespoke offer to meet the company’s needs.

The company stated that the grant is expected to encourage 200 fintechs and Credit Unions to provide credit, simplify payments integration into everyday business needs, offer digital credit referencing, provide budgeting tools to SMEs, enable automated payments, give predictive insight on cash flow, provide rewards to SMEs on spending, and much more.

payment

United Kingdom

Fintech

RBS

Contis seeks £35 mn from RBS Capability and Innovation Fund to boost SME growth

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