HSBC US Commercial Banking, part of HSBC, has partnered with commercial lending fintech NepFin to bolster lending proposition for middle market businesses in the US.
Image: HSBC partners with NepFin on commercial lending. Photo: Courtesy of Neptune Financial Inc.
HSBC said that the partnership will allow the customers of NepFin to access its commercial banking services and its global network. It includes businesses with international needs and which are based in the markets where HSBC does not have a physical presence or in cities where there is no access to multi-national financial institutions who can serve companies of all sizes.
NepFin is a financial services company whose commercial lending platform serves to the growth capital needs of mid-sized businesses. The company uses machine learning and data science to efficiently identify demand for credit and lower costs.
By partnering with HSBC, the fintech aims to strengthen its digital proposition through analytics and insight.
HSBC US Commercial Banking digital banking head EJ Achtner said: “This partnership will enable HSBC to extend its global capabilities and international network to benefit more US businesses. We’re excited to leverage NepFin’s platform to help more middle market businesses efficiently source capital.”
The partnership follows a recent announcement about HSBC’s plans to launch a Digital Partner Platform designed to improve client experience for corporate customers of all sizes, ranging from large companies to emerging FinTech firms, through digital enhancements and partnerships.
It is part of a broader effort for developing digital ecosystems that can offer clients access to the capital they need to grow and succeed.
NepFin CEO and co-founder Albert Periu said: “HSBC has a long and impressive history serving all types of businesses throughout the world. We look forward to combining their expertise, particularly in the middle market, with our digital platforms so that we can better serve the needs of this important segment.”
The UK-based bank claims that one of its surveys indicate that middle market businesses in the US contribute about $7.3 trillion in turnover and employ more than 20.7 million people.
Achtner said: “This segment is a major contributor to economic growth in the US. We see companies increasingly looking for new ways to grow, it’s our job to help them while also providing a great client experience.”