The award, issued by the Banking Competition Remedied Ltd (BCR), allows Ebury to better serve UK SMEs trading internationally at a time of economic distress due to a global pandemic, with fast access to a full suite of lending and FX services becoming critical to SMEs in the UK.

Here are the key things Ebury will now deliver on after receiving this funding:

Develop a fully digital suite of products

We will build a comprehensive online digital platform for an SME’s international trade and working capital needs with frictionless access to multiple products through a single credit line. We commit to a phased roll out of the full product suite, to be available online and integrated with our FX, international payments and collections services.

Bring new funding sources to SMEs

We will make available over £1bn to SMEs to facilitate their international trade by bringing new sources of funding currently not available to UK SMEs.

Online User Experience

Ebury commits to build its proposed solution as an online user experience accessible to UK SMEs by 2023, providing a clean and efficient solution that minimises barriers to access services.

Job creation and distribution

We will create at least 25 new jobs in the UK by 2023 and commit to leverage our remote-first working model to hire these positions across the UK and among under-represented groups.

Diversity and Inclusion

Ebury commits, as part of its overall diversity and inclusion strategy, to ensure the following:
– Bring on a dedicated D&I expert
– That a minimum of 50% of hires for this project are from underrepresented backgrounds and genders

Co-investment

Ebury commits to providing up to £12.4m of investment to finance and accelerate this important project, complementing the £10m CIF award.

The whole Ebury team is truly excited about the opportunities this gives us to deliver innovative and valuable products to support the UK’s underserved SMEs.