Fintechs missed out on the latest round of RBS funding, which could hamper their plans for SMB offerings:
Monzo, one of the applicants for the fund, will now probably have to slow down its business banking push. The neobank said inlast year that it was exploring offering accounts for businesses, and was applying for a piece of RBS' Capability and Innovation Fund. However, it also said that it would only build business accounts in the near future if its application was successful, as it doesn't want to be distracted from improving and enhancing its personal account offering.
SMBs in the UK are underserved by big banks, but new funding could enable incumbents to enhance these services and double down on their SMB efforts. There are 5.
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