UK-based retail bank Metro Bank has secured £120m funding from BCR to support small and medium-sized businesses.
Image: Metro Bank, Borehamwood. Photo: courtesy of Philafrenzy.
Metro Bank will use the funds to meet the growing the requirements of small and medium sized enterprises (SMEs), enabling to better compete in the market.
The bank noted that the additional funds will enable it to optimize the UK SME banking experience.
The bank is planning to open new stores in the North by the end of 2025, in addition to focusing on existing store opening program.
Metro Bank intends to open new stores in cities such as Manchester, Leeds, Sheffield, and Liverpool.
The funds will allow the bank to launch forward initiatives to provide a range of advanced digital capabilities for SMEs.
Metro Bank CEO Craig Donaldson said: “Securing this award from BCR Ltd allows us to accelerate our plans to revolutionise banking for SMEs. It will help us bring much needed competition to the underserved SME hotspots in the North, while investing in our digital capabilities and creating new jobs.
“We already provide tens of thousands of businesses with market-leading service and convenience, and these funds will enable us to introduce new services and products for more SME customers across the country.”
In October 2018, Metro Bank introduced its in-app money management tool, dubbed Insights, which uses artificial intelligence (AI) to help personal mobile customers in handling their money more effectively.
The new money management tool is said to generate customized tips and alerts for users.
Developed alongside customer interactions technology provider Personetics, the opt-in tool applies predictive analytics to the spending patterns of users. This is subsequently translated into customized prompts, said Metro Bank.
Metro Bank, which began operations in 2010, claims to be the first high street bank to open in the UK in more than 100 years.
Based in Holborn of London, Metro Bank offers retail, business, commercial and private banking services to its customers.
The bank is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.