RBS Remedies Fund (money for business accounts)

Starling and Metro bank have tweeted they been awarded £100 million

See this thread for details.


Good find… I had not heard of Clear until now - thank you :slight_smile:

Monzo didn’t apply.

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Yeah just ive just realised they applied for the next round of funding to be announced later this year.

Looking like Monzo will be a good 6 months behind Starling in terms of a mega pool of cash, which is concerning for market share and the future of the bank.

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In fairness, Monzo has just raised £85m.

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Yep but that is not going near Business Accounts, it’s to evolve current accounts. Starling has secured £75m from investors plus £100m from RBS this month.

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It is hardly concerning though as Starling have had Business Accounts for nearly a year. Monzo hasn’t even launched them officially. It will hardly have an effect on the future of the bank as Monzo isn’t competing with Starling officially. They want to take market share off legacy banks.

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I don’t understand why everybody is rushing about and complaining about not being in the first round.

Let the competition go first, watch them implement their ideas, asses there pros and cons, fill in all the gaps, according to customer feedback/complaints.

Next idea is a little naughty, might get a warning…
By filling in all those gaps…Monzo would be stronger and in quite a position to take all those clients, providing the sales team was top notch…obviously thats basesd on Monzo applying and having a killer team, as im pretty certain they will be chosen to receive funding.

Nothing is forever, gaining clients is the most easiest part.

Well CYBG applied and given they’ve merged with Virgin Money recently, it was a surprise they didn’t get it too. Not so much TSB given recent history. And maybe the risk is that the last batch of funding has more people after it as they’ve had longer to prepare their offerings??

CYB / Virgin may have been seen as too big post-merger (technically aquistion) i.e. they can reasonably challenge the big 5 without the funds. The thinking possibly being that funds directed to the others help the overall market be more competitive

Anyone know what Tide’s most recent valuation is? Believe it’s funded by Passion Capital also

Having a Captain America moment here, but after speaking to a few of the opposition banks, well that’s not concrete news, I’m confident, I could secure what ever funding by beating the other banks, peice of cake!!!

Keep to terms of £120m cash award, Metro Bank is warned

Monzo applied for Pool B, whereas Starling and Metro applied for Pool A. Application results for the former haven’t been announced yet.


Do you know why they applied to Pool B over pool A or what the difference is between them

No idea, maybe it has something to do with when they submitted their application.

Pool A was for banks with business accounts - “To facilitate the development of more advanced business current account offerings and ancillary product sets by banks with existing and substantive business current account capability”


Pool B was for banks to develop business accounts if they didn’t have one - “To facilitate the modernisation of existing business current account offerings or (in the case of eligible bodies without existing business current account offerings) the development of new propositions”

I believe :slight_smile:

Pool A had 3 awards 120, 100 and £60m
Pool B has 3 awards 50 and 2x £15m

Starling were on the front foot with this pushing out their business accounts quickly with Monzo perhaps playing catch up ?


Yup - I think this is a fair comment.

We discovered we could actually launch a very alpha business account really quickly so perhaps we didn’t push ourselves hard enough in that respect and settled for “second best” (applying to Pool B) too early :disappointed:

We’re now trying super hard to not fall into that trap again! The businesses we’ve on-boarded so far (~ 100) are providing loads of useful feedback which we can iterate :raised_hands: