TSB joins lendtech race with Business Marketplace
TSB has teamed up with digital start-up Funding Options to launch its “Business Marketplace” to try and grab a slice of the lucrative lending market.
New service set to launch in May
It is set to launch in May and the bank’s plan is to become the first UK high street lender to link to rivals’ lending deals online.
The marketplace has a similar concept to those ubiquitous price comparison websites as it shows TSB loan deals side-by-side with more than 50 other lenders.
Back in January, TSB made its intentions clear in the SME space with a pledge to invest up to £100 million in small businesses.
This latest deal, in the wake of open banking, is yet another sign of how big banks are keen to work with fintech firms.
Both groups seem to be happy with this new status quo judging by the number of deals we’ve covered.
From TSB to DBS
Over in Singapore, there is another marketplace in action.
DBS has unveiled its Electricity Marketplace to let residents in Jurong switch electricity retailers.
Around 108,000 households stand to benefit in this pilot phase. It is set to launch from 1 April 2018.
For DBS/POSB customers, they can apply directly via digital banking and choose their preferred payment options. Once the switch is done, customers get their selected electricity plans provided by their new retailer, “without any service disruption”.
Jeremy Soo, DBS head of consumer banking group (Singapore), adds: “DBS Electricity Marketplace exemplifies how we are reimagining banking, using digital technology and innovation to make life simpler for our customers.”
