High Street challenger Metro Bank has partnered with ezbob to offer lending to SMEs through its same day funding platform.
Metro has partnered with the Lending-as-a-Service (LaaS) group to offer its small business customers a streamlined digital lending process, where SMEs can get vital funding in a “matter of minutes” and receive funds the same day. The service will launch in mid-2020.
Customers will be taken from application through identity and verification (ID&V) documentation, offer and acceptance in minutes.
ezbob’s platform harnesses AI technology and data from the Open Banking environment. It has been built by a group of experts in financial technology and commercial lending.
Metro Bank said it is readying itself to inject 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, said the bank recognises 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,” Riseborough commented
Tomer Guriel, founder and chief executive officer 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.”