RBS Remedies Fund (money for business accounts)


#1

The first tranche of money has been awarded from the RBS Remedies Fund.

Congrats to Starling, Metro and Clear banks!

This seems to be the first tranche - more money later in the year to other bidders, I think.


Did Monzo miss out on the RBS remedies fund?
Hope Monzo haven't missed out on the Innovation Fund
Did Monzo ever get any cash?
Buissness Funding
Metro Bank & Starling receive Govt Grants. Nothing for Monzo?
(James Prince) #2

How was this fund assessed, why is it that starling was chosen over Monzo? Is this because they already had their business accounts up and running and Monzo is still in the early stage of developing business accounts - it’s quite a lot of capital to loose out on … 100 million for starling!


(Joe) #3

It says in the article that 6 people applied and that didn’t include Monzo :man_shrugging:


(Michael) #4

Does seem there is a remaining ~£145 million going to be awarded in the future – so that’s probably the point at which Monzo are hoping to get in on it.


(Hugh Wells) #5

This is Pool A. We applied for Pool B which will be announced later.

Looking forward to seeing what Starling manage to come up with - exciting times :tada:


Buissness Funding
Did Monzo miss out on the RBS remedies fund?
Buissness Funding
#6

Later as in later today?


(Hugh Wells) #7

No! Later this year :sweat_smile:


(l8n.me) #8

Aside from the fact that we don’t even think Monzo has applied yet, definitely not for this round, Starling have been working on this for YEARS. This money was supposed to have been given out early 2018, possibly even earlier. I’ve always presumed that’s why Starling for Business hasn’t moved quite as quickly as anyone, including Starling, would have liked; they planned to (hopefully) use this money to launch business accounts but it has been delayed and delayed repeatedly, so they had to redirect funding from elsewhere to get them launched. Hopefully now they can go all guns blazing and really give the incumbents a run for their money.


(Sarcasm is the finest form of wit.) #9

Applying is not a small undertaking. There are teams of people working on this for each bank that did apply (Monzo didn’t). Not surprised that TSB didn’t get any of it, a little surprised that Co-Op and CYBG didn’t either given they have reasonable histories.

Still, I’m “presuming” that Monzo already have a team working on the next application round!


(l8n.me) #10

Yes, @HughWells said above while i was typing that they have applied for pool B.


(Sarcasm is the finest form of wit.) #11

Yeah saw that, more presuming that it is a dedicated team that is working on the proposal not just ‘yeah we applied…’ :wink:


(Hugh Wells) #12

The applications were submitted before Christmas if I remember correctly - the deadline was back then for Pool B and a little before that for Pool A


(Sarcasm is the finest form of wit.) #13

Ahhh excellent! I know one bank has been working hard through the first part of this year to get systems/services in place for a successful outcome.


(l8n.me) #14

Yes, of course.


(NM) #15

Anyone seen about the dodgy things Metro bank were doing:
https://www.ft.com/content/0e93a22e-3676-11e9-bb0c-42459962a812
EDIT:
none paywall link


(Elliot ) #16

Does this article mean that Monzo haven’t been able to get the funding for their buisness account expansion?

https://uk.reuters.com/article/uk-britain-banks-idUKKCN1QB0MA


(Jordan) #17

Heya! We didn’t apply for this pool of money (Pool A). Super excited for our friends at Metro, Starling, and Clearbank though! We’re still working hard on our application for Pool B. Applications are due at the end of next month, then we should hear back by the summer! :slight_smile: :crossed_fingers:


(Luke Mainstone) #18

I recall in a post a few months ago on this forum that Monzo was hoping to secure funds from the RBS remedies fund to help create account for the SME market.
I have since discovered what seems to be a credible post stating that Monzo’s competitors have since won the funds available.

  1. How does this impact Monzo’s outlook on business accounts and the development of them
  2. Is there a reason Monzo didn’t qualify for any of the funds available. image

(Tom) #19

Monzo didn’t apply for this round :+1:


(Luke Mainstone) #20

Perfect, thank you for clarifying.