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Metro Bank brings fintech to UK SMEs with GBP 120 mln funding

Tuesday 15 October 2019 13:02 CET | News

UK-based Metro Bank has announced three fintech and SME partnerships, following GBP 120 million funding it secured from the Capability and Innovation Fund, reports Ruby Hinchliffe from FinTech Futures.

 

As well as using its own investment, the bank says it wants the money to inject “much needed competition into the small business banking market”. Through partnerships with business lending marketplace Funding Options, international trade service Conance and company intelligence platform DueDil, Metro Bank will now be able to offer SMEs a wider range of integrated services on its own platform.

Funding Options gives businesses a scanning tool for the lending marketplace, so they can compare financing options from more than 70 lenders, giving SMEs the chance to get an ‘alternative yes’ if Metro Bank can’t finance their business needs.

Then the bank’s partnership with Conance will provide SMEs with specialist trade advice and finance solutions, whilst its third signed contract with DueDil will speed up the time it takes to open a business current account online with features such as auto-populated company information.

 


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Keywords: Metro Bank, fintech, partnership, Conance, DueDil, Funding Options, funding, funding round, UK, Europe, international trade service, trade platform, lending, business lending marketiplace
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