The new partnerships come as Metro Bank sets about injecting much-needed competition into the small business banking market – deploying the £120 million funding it was awarded from the Capability & Innovation Fund alongside the Bank’s own investment. As part of this, the Bank is committed to collaborating with UK SMEs and fintechs by embedding them into the products and services it provides to SMEs.
Metro Bank customers will be able to use Funding Options’ award-winning technology to scan its business lending marketplace in minutes and easily compare financing options from more than 70 lenders. This gives customers access to an ‘alternative yes’ if the Bank isn’t able to support their financing needs.
The Bank is also working with Conance to enable Metro Bank customers to trade with confidence in today’s global marketplace. Conance will provide Metro Bank’s SMEs customers with specialist trade advice and finance solutions.
Finally, in 2020, Metro Bank will deploy DueDil’s predictive company intelligence platform as part of the Bank’s new straight-through business current account online application, providing a speedier account opening process, with quick-search functionality and auto-populated company information to save SMEs valuable time.
Paul Riseborough, Chief Commercial Officer at Metro Bank says: “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. That’s why we’re proud to be partnering with and integrating Funding Options, Conance and DueDil into our proposition.”
Simon Cureton, Chief Executive Officer of Funding Options, says: “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.”
Graeme Sands, Managing Director of Conance Limited, says: “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."
Denis Dorval, Chief Operating Officer at DueDil, says: “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.”