By John Reynolds on Tuesday 10 March 2020
Lending-as-a-Service tech will be available for Metro Bank business customers later this year.
Metro Bank has struck a deal with Lending-as-a-Service (LaaS) provider Ezbob, as it looks to offer its business customers speedier access to finance.
LaaS is a trend in banking and financial services in which banks and lenders offer access to funds without the bureaucracy encountered with traditional banks.
According to Metro Bank, by using LaaS, its business customers will get funding decision in "a matter of minutes" helped by using AI and Open Banking technology.
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, 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.”
London-based banking software provider Ezbob, founded in 2011, counts NatWest, American Express and Yorkshire Bank as clients.
Its automated software analyses loan applicants using API and other new-fangled technology to assess lending decisions in speedier times than traditional banks.
Last year, Metro Bank announced partnerships with business finance marketplace Funding Options, finance provider Conance and tech company DueDil underscoring its commitment to collaborating with UK SMEs and fintechs.