The Capability and Innovation Fund is not a standalone company but rather a specific fund established as part of the Royal Bank of Scotland (RBS) state aid alternative remedies package, a condition of its 2008 government bailout. It is independently administered by Banking Competition Remedies Ltd (BCR). The fund's mission was to award grants to challenger banks and financial technology firms to help them develop their services for SMEs, thereby increasing competition and innovation in the UK business banking sector. The application period for the fund has concluded, and BCR is now in the phase of monitoring the progress and commitments of the grant recipients.