Metro Bank has announced a new partnership with Lending-as-a-Service (LaaS) provider Ezbob to offer Metro Bank’s business customers access to finance.
The new service will help Metro Bank in delivering an 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.
The new partnership comes as Metro Bank sets about injecting 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, said: “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 of Ezbob, added: “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.”