UK-based challenger bank, Metro Bank has announced partnerships with three FinTechs namely, Funding Options, Conance and DueDil in a bid to propel SME offerings in the UK. The bank has stated that the new move follows the £120 million reward from the Capability and Innovation Fund.

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.”

According to the bank, its partnership with the business lending marketplace, Funding Options, is expected to allow customers to scan and compare financing options from across 70 lenders, thereby enabling them to understand the bank’s capability. The collaboration with Conance will enable the bank’s SME customers with specialist trade services and finance solutions. DueDil’s company intelligence platform is expected to enhance the bank’s business current account online application with the provision of better account opening processes with a quick-search functionality and auto-populated company information, thereby helping SMEs save time.

Simon Cureton, Chief Executive Officer of Funding Options, commented, “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.”

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.”

Recently, Metro Bank launched its AI-based in-app account insights tool for business customers, Business Insights, in collaboration with AI FinTech Personetics

by Megha Bhattacharya
Market Analyst at IBS Intelligence