Metro Bank, the challenger bank, has announced a trio of fintech and SME partnerships in a move designed to better support hundreds of thousands of SMEs in the UK.
The new partnerships come as Metro Bank deploys the £120 million funding it was awarded from the Capability & Innovation Fund, alongside the bank’s own investment, to increase competition and choice in the banking sector.
The bank’s customers will be able to use Funding Options’ technology to scan the business lending marketplace and compare financing options from more than 70 lenders. This gives customers access to an ‘alternative yes’ if Metro Bank isn’t able to support their financing needs.
Simon Cureton, chief executive officer of Funding Options, said: “Our goal is to ensure that all small and medium businesses can access the money they need, when they need it. We’re delighted to be working with Metro Bank as this partnership will allow us to support even more business owners to grow their business and achieve their goals. This is a great example of the banks and fintechs working together for the benefit of customers.”
In 2020, the bank will deploy DueDil’s predictive company intelligence platform to enable online business current account applications and approvals, including auto-populated company information to save SMEs time.
Denis Dorval, chief operating officer at DueDil, said: “We are excited to partner with Metro Bank to help support SMEs by enabling seamless client onboarding through the DueDil API. The SME sector is booming, and by digitalising the onboarding process for business banking, Metro Bank is poised to deliver better customer experiences for thousands of SMEs.”
Metro Bank is also working with Conance to provide customers specialist trade advice and finance solutions.
Graeme Sands, managing director of Conance, said: “We are delighted to be working with Metro Bank and welcome its positive attitude to the SME market. My team at Conance, which was established in 1985, brings a wealth of expertise and experience within the Trade services sector, and we look forward to enhancing the business banking offering to Metro Bank customers."
Paul Riseborough (pictured), chief commercial officer at Metro Bank, said Metro Bank focuses on collaborating with innovative partners to give SME customers a competitive edge.
He added: “That’s why we’re proud to be integrating Funding Options, Conance and DueDil into our proposition.”