Metro Bank engages with Ezbob for small business lending platfrom

Metro Bank engages with Ezbob for small business lending platfrom

Metro bank has contracted with Ezbob to deliver a digital lending proposition for small business customers.

The new service will take customers from application through ID&V, documentation, offer and acceptance in a matter of minutes; ultimately enabling funding to be released on the same day.

Metro Bank last year was awarded £120 million from the RBS bail-out fund to inject more competition in the SME banking market.

The challenger has since scaled back its plans for expansion into business banking, and last month payed back £50 million of the initial award after rowing back on plans to open 30 new stores in the North of England.

It is set to introduce its new business banking service in mid-2020

The new online platform will deploy some of the funding it was awarded from the Capability & Innovation Fund alongside the Bank’s own investment.

In 2019, Metro Bank also announced partnerships with Funding Options, Conance and DueDil as part of the Bank’s commitment to collaborating with UK SMEs and fintechs by embedding them into the products and services it provides.

Paul Riseborough, chief commercial officer at Metro Bank, says: “We know quick, reliable access to finance is crucial for small businesses to seize opportunities to grow. By teaming up with ezbob, we’ll be able to help our customers secure the finance they need in a matter of minutes, giving them the edge in today’s competitive market.”

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