Metro Bank to expand with new funds

FTSE 250 financial services provider Metro Bank (LON:MTRO) has seen its share price rise by 4.72% to 1,365.48p (as of 12:45 GMT) after it secured an additional £120 million in funding. The company said that it would use the cash to enhance its retail banking offering for small and medium sized enterprises as well as to expand in to cities in the north of England.

Chief executive Craig Donaldson commented that: “Securing this award from BCR Ltd allows us to accelerate our plans to revolutionise banking for SMEs. 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“.