After a year full of setbacks, struggling Metro Bank has announced a new service in the hope of wooing UK SMEs.
Metro Bank has announced MCash, an app for small business that rely on physical money. By signing up, SMEs will be able to tap into Metro Bank’s cash collection and delivery service, City A.M. reported.
The company is already accepting applications.
Metro Bank backs up the new service with its own research, suggesting that 45% of SMEs think that having to travel to their local bank to make a deposit wastes their time.
By using the MCash app, SMEs can pick days for cash pick-ups or drop-offs up to a week in advance.
The news comes as Metro Bank has gone through a horrible year rife with problems. The troubles began in January when it revealed an accounting error that stripped £900m of its value.
As a result, the company’s shares tanked.
Still trading at a record low level, Metro Bank tried to whip up some excitement about a new bond offering in September.
While the first one failed, a second one succeeded.
As the problems grew, Vernon Hill, the founder and chairman of Metro Bank, announced that he would leave the bank entirely in the beginning of January 2020.
There has been some highlights though.
Metro Bank did sign three FinTech partnerships in October with SME loan comparison platform Funding Options, commercial trade finance company Conance and risk management firm DueDil.
In November it was announced that James Gilinski Bacal, a Colombian investor, had bought 4.3% stake in Metro bank.
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