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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.

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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.

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Metro Bank Pulls Back On Commercial Lending

PYMNTS

challenger bank Metro Bank, the financial institution is reportedly looking to reduce its corporate loan exposure and wind down commercial lending operations. Metro will look to instead focus on residential property financing as it seeks a new chairman. Following a series of setbacks for U.K. The Times on Sunday (Sept.

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CYBG Snubbed For RBS Funds

PYMNTS

Reports in Reuters late last week said Metro Bank, Starling Bank and ClearBank have been awarded funds to boost small business lending and banking competition. ClearBank had previously teamed up with challenger bank Tide to compete for the funds, with both Starling and Tide operating as industry newcomers on a digital-first strategy.

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Consumer Lending: Should Banks Do It?

Jeff For Banks

When I first read Standards Needed for Safe, Small Installment Loans from Banks, Credit Unions by the Pew Charitable Trusts that encouraged financial institutions to get back into small ticket consumer lending, I thought “what are they nuts!” So why would banks expand small-ticket, unsecured personal lending? Profitable moxy, though.

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City Of London Group Announces £15.2M In Funding

PYMNTS

The funding will help the launch a new financial institution called Recognise, with a focus on lending to SMBs. The bank will be launched by Recognise Financial Services, founded by Jason Oakley, the former managing director of Metro Bank ’s commercial and mortgages lending business.

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Disruptor UK Bank Atom Raises £50M

PYMNTS

Atom was co-founded by Anthony Thomson, who is responsible for Metro Bank, one of the first newer banks to challenge legacy banks in the country. Atom said that lending to both businesses and homeowners was up 76 percent in the last year. Atom is part of a movement in Britain of banks taking on the established financial norms.