article thumbnail

UK’s Metro Bank To Buy P2P Lender RateSetter For At Least $3.27M

PYMNTS

London-based Metro Bank has struck a deal to buy peer-to-peer lender RateSetter for £2.5 Metro will make additional payments to shareholders if RateSetter reaches certain benchmarks, according to a news release. Metro Bank will operate RateSetter as an independent entity and make loans under both its and Metro Bank brands.

Metro 230
article thumbnail

Bank of England sounds out buyers for Metro Bank including NatWest

TheGuardian

JP Morgan also approached as Metro reportedly tries to thrash out rescue package with investors The Bank of England’s regulatory arm is understood to have approached a number of big lenders in the past few days, including NatWest and JP Morgan Chase, to see if they had any interest in the embattled high street rival Metro Bank.

Metro 90
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

RBS Fund Takes Back £50M From Metro Bank

PYMNTS

After Metro Bank recently pulled back from plans to expand and decided to move away from lending for mortgages, the bank said it will return £50 million from the RBS bailout fund, according to a report. Three banks – Metro, Starling and ClearBank – were collectively given £280 million from the RBS bailout fund last year.

Metro 154
article thumbnail

Metro Joins Bacs For SMB Direct Debits

PYMNTS

challenger bank Metro Bank has joined the Pay.UK-operated operated Bacs and partnered with Boston payments firm Bottomline Technologies to enable direct debits for small to medium-sized businesses (SMBs), Metro announced on Wednesday (Feb. SMBs and FinTechs. Unlike the U.S.,

Metro 130
article thumbnail

Metro Bank Hit By More Fraud Probes

PYMNTS

’s Metro Bank on behalf of investors concerned that the institution committed securities fraud. According to Pomerantz, the probe “concerns whether Metro Bank, and [certain officers] and/or directors, have engaged in securities fraud or other unlawful business practices.” “It is commonplace in the U.S.

Metro 162
article thumbnail

Metro Bank Struggles To Find A Buyer

PYMNTS

challenger financial institution Metro Bank is struggling to find a buyer as potential suitors are turned off by the bank’s expensive business model, the Financial Times reported Friday (Dec. Reports said Metro Bank is planning to further expand its physical network, which currently includes 70 bank branches across the U.K.

Metro 131
article thumbnail

Metro Bank Pilots Corporate Expense Management Tech

PYMNTS

based Metro Bank has begun piloting a new corporate expense management solution in partnership with Canadian FinTech Sensibill , a press release said Wednesday (Dec. Accounting tasks, along with chasing invoices and staying on top of receipts, are major pain points for [SMBs],” said Metro Bank Chief Commercial Officer Paul Riseborough. “By

Metro 130