· Joining forces to deliver a seamless, end-to-end small business lending process
· In a major boost for their growth prospects, SMEs will be able to secure vital funding in a matter of minutes and can receive funds on the same day
Metro Bank has today announced a new partnership with award-winning Lending-as-a-Service (LaaS) provider ezbob to offer Metro Bank’s business customers fast, secure and competitive access to finance.
The new service will help Metro Bank in delivering a seamless, end-to-end small business lending process enabling SMEs to apply for business finance online. Customers will be taken from application through ID&V, documentation, offer and acceptance in a matter of minutes; ultimately enabling funding to be released on the same day. It is set to launch for Metro Bank customers in mid-2020.
With its streamlined, fully-managed digital lending proposition for financial institutions, ezbob is the market-leading LaaS provider in the UK today. Its game-changing platform, which harnesses the latest AI advancements and data from the open banking environment, has been built from the ground up by experts in financial technology and commercial lending.
The new partnership comes as Metro Bank sets about injecting much needed competition into the small business banking market – deploying 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.”
Tomer Guriel, Founder and CEO at ezbob, says: “We are very proud to be able to provide Metro Bank, one of the UK’s most forward-thinking banks, with an automated SME lending solution that will cover the entire lending journey, including all aspects of compliance, risk and decisioning. We see this as a long-term partnership and look forward to working with Metro Bank to ultimately deliver an outstanding, multi-product experience to their customers using ezbob’s market-leading solution.”