Metro Bank partners three FinTechs
Written by Peter Walker
Metro Bank has announced a trio of FinTech partnerships – Funding Options, Conance and DueDil.
The partnerships come as the bank sets about deploying the £120 million funding it was awarded from the RBS Capability & Innovation Fund to help provide products and services to the small and medium-sized enterprise (SME) market.
Metro Bank customers will be able to use Funding Options’ technology to scan its business lending marketplace in minutes and compare financing from more than 70 lenders.
It is also working with Conance to give small business customers specialist trade advice and finance solutions. And in 2020, the bank will deploy DueDil’s predictive company intelligence platform as part of a new straight-through business current account online application, with quick-search functionality and auto-populated company information.
Paul Riseborough, chief commercial officer at Metro Bank, said: “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.”
As part of the Banking and Competition Remedies first progress report, Metro Bank explained that it is building new branches in Manchester, Liverpool and Sheffield, with a further 11 potential sites being worked on.
Work on a straight-through business current account online application process is under way. “Our new tax submission, bookkeeping, invoicing and receipts mobile and online banking proposition, together with our cloud accounting service have both completed proofs of concept and will launch to SME customers in 2020.”
Plans for end-to-end payments and accounts receivable solutions were enacted this summer and are on track to deliver in 2021.
“Enhancements to our trade finance and foreign exchange capabilities are on track to go live to SME customers this year,” the update noted, adding that new liquidity management tools will be made available to SME customers, starting in 2020 as planned. “We will commence design for a new secured lending platform for 2021 this summer and are on track.”