Metro Bank secures £120m to drive expansion and digital development
UK challenger bank, Metro Bank, has secured £120m in funding from Banking Competition Remedies, a vehicle set up by the UK government and European Union.
The London-based bank said the funds will be used to help meet the needs of small and medium sized enterprises (SMEs) and inject vibrant competition into the market. It also said the cash would enable it to introduce a range of game-changing digital capabilities to help SMEs thrive.
The additional funds will allow the bank to radically transform the UK SME banking experience, Metro said in a stock market statement. Alongside its existing store opening programme, Metro Bank will open new stores in the North by the end of 2025, including cities such as Manchester, Leeds, Sheffield, and Liverpool.
Boost for SMEs across the UK
"Securing this award from BCR Ltd allows us to accelerate our plans to revolutionise banking for SMEs”, said Craig Donaldson, Chief Executive Officer at Metro Bank.
“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."
Metro Bank was set up in 2010, in the aftermath of the global financial crisis. Today it has around 65 stores and more than £16bn in assets under management.