Metro Bank | Invoice & Trade Finance | SME Finance
Metro Bank PLC is a retail bank that exists in the United Kingdom and was founded in 2010. It is the first high street bank that has launched in the UK in over 150 years. The aim was that it would have around 250 branches within 10 years. Metro Bank purchased SME Finance at the end of 2013 and rebranded it as Metro Bank SME Finance in May 2014. There were around 40 branches in 2015.
Metro Bank offers both personal and business banking. They are regulated by the Financial Conduct Authority and Prudential Regulation Authority. There is an aim of expanding to 110 stores by 2020.
Our entrepreneurial business customers discuss why they chose to join the Banking Revolution.
Metro Bank – Benefits
- Metro Bank prides themselves on being a straightforward financial institution. They are open for business 7 days a week and make it clear that this is early and late opening hours. They have a quick and easy current account switch service and have free transactions in Europe. In terms of payment cards and saving accounts, they have a Master Card Pay Pass debit card. There is also an instant access savings account, a savers instant access cash ISA and a fixed term savings account.
- Metro Bank aim to bring back the traditional banking service across their stores, with the aim of having a traditional face-to-face service. There is no need to book an appointment to discuss banking needs; they also allow customers to walk away from their meeting with a card and cheque book so that customers may utilize an account almost immediately.
Metro Bank is best known for its straightforward lending to customers; they also have a business finance division:
General Business Banking:
- Invoice Finance
- Asset Finance
Metro Bank is now a publicly trading bank and there is no stated upper limit on what can be raised.
Aldermore Bank is now a publicly traded bank and there is no stated upper limit on what can be raised.
The company allows you to retain full control of your sales ledger and relationship with customers; they also allow the option of a factoring facility to be put in.
There are many advantages to the facility, as it remains confidential and is not disclosed to the customer, it generates up to 85% of the value of sales invoices which are received immediately, increases the working capital of a business, it is tailor-made for the businesses needs, there is growth in line with a business and there is the ability to secure supplier discounts as payment can be provided early.
Popular Types of Trade Finance
Metro bank outlines that they are a straightforward bank. They offer clear products for customers; offering savings accounts, current accounts and mortgages. Stores are open 7 days a week with 24/7-telephone banking, internet banking and a personal mobile banking app.
Metro see themselves as an entrepreneurial bank, which takes deposits and is able to make easy and quick lending decisions due to their manual underwriting process. The main events of Metro Bank in recent days were Metro Bank joining the London Stock Exchange on 10th March 2016 and raising £400 million on 8th March 2016.
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