Tide and ClearBank join the race for £25-£35m slice of Pool E

By Oliver Smith on Tuesday 4 August 2020

Digital Banking

Back for a second bite of BCR funding.

Tide and ClearBank join the race for £25-£35m slice of Pool E
Image source: Charles McManus/ClearBank.

Tide has submitted a joint bid with ClearBank as part of Banking Competition Remedies (BCR) £100m Pool E fund.

The duo previously worked together on their previous Pool A bid picking up a grant worth £60m to be shared between their projects.

This time around the pair have made two bids, one for £25m and the other for £35m, with the intention of using the cash to bolster their use of open banking technology, payments processing and access to SME debt and equity finance.

“By securing additional funding from Pool E, we’ll be able to harness the agility and efficiency we have shown so far in our on-target Pool A delivery and have even more of an impact, accelerating the provision of services to SME businesses,” said ClearBank’s group CEO Charles McManus.

Fellow bidder and Tide CEO Oliver Prill said: “We have identified the key areas in which SMEs are threatened and have world-class solutions that will allow them to get back on their feet and come out stronger.”

“We are ready to get started immediately, have a laser focus on the small business market, state of the art technology and a strong base position with almost 4% market share.”

Tide’s bid is somewhat controversial, coming after the business banking provider shuttered its Bounce Back Loans to the dismay of thousands of customers after admitting it lacked the capital to continue lending.

The joint bid marks the 9th to be made public as part of the process, and Tide and ClearBank will be going up against fellow Pool A awardee Starling Bank which has already signalled its intention to bid for a £35m grant from Pool E.

Here are the 9 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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