New Support Package for Innovative Firms in UK

HM Treasury has announced a £1.25bn coronavirus package targeted towards businesses driving innovation in the UK; £500 million is earmarked for high growth companies who are being impacted by the coronavirus crisis; another £750 million is for SMEs focused on research and development, made up of grants and loans; Charlotte Crosswell, the CEO of Innovate Finance stated, ”We welcome the announcement from the Chancellor regarding support for high-growth FinTechs and start-ups. Financial innovation will play a vital role as we emerge from the crisis, especially in areas of financial inclusion, SME financing and digital transformation of the financial services sector…The UK is already known globally as a leader in FinTech and we want to ensure companies have support and funding in place to continue their development at this crucial time.” The Fintech Times

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