Feb. 26, 2019
HSBC US Commercial Banking has entered an agreement with San Francisco-based fintech Neptune Financial Inc. to increase lending to the middle market business customer.
The agreement will allow NepFin customers to leverage HSBC's commercial banking services and global reach, according to a company release from the firms. NepFin uses machine learning and data science to make loans to businesses $10 million to $100 million in size.
"HSBC has a long and impressive history serving all types of businesses throughout the world," Albert Periu, founder and CEO of NepFin said in the announcement. "We look forward to combining their expertise, particularly in the middle market, with our digital platforms so we can better serve the needs of this important segment."
The partnership will also help companies that do business in markets where HSBC doesn't have a physical presence, or where multinational financial institutions that serve smaller businesses are not available.
The agreement follows an announcement by HSBC in October that it would launch a digital partner platform to make its APIs available for fintechs and other companies to integrate their systems with HSBC, in a bid to extend the reach of the bank.
Topics: Mobile Banking
Companies: HSBC Bank USA, N.A., Neptune Financial Inc.
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