UK-based challenger Metro Bank is expanding its offering for business clients through several new Fintech partnerships.
In February 2019, Metro Bank won £120 million (appr. $150 million) from the £750 million (appr. $935 million) Royal Bank of Scotland (RBS) bailout fund aimed at promoting competition in the small business banking industry
Metro Bank’s management has partnered with three companies in order to allocate the funds toward projects that will make it easier to conduct business in the UK.
A deal that includes funding options means that companies that cannot receive funding from Metro Bank will be able to access a lending marketplace and compare various financing options from over 70 different providers.
Metro’s management is also working with trade finance provider Conance to give small and medium-sized enterprise (SME) clients professional trade advice and access to various finance solutions.
Metro Bank is planning to launch DueDil’s predictive company intelligence platform in 2020. The platform will allow users to easily and quickly open new accounts, with built-in search functionality and auto-populated company information.
Chief commercial officer at Metro Bank Paul Riseborough stated:
“At Metro Bank we are focused on collaborating with the most innovative partners in order to give our SME customers the edge in today’s competitive market.”