HSBC mixes with NepFin for middle market move in US
HSBC US Commercial Banking has teamed up with Neptune Financial to target middle market businesses in the States.
“This segment is a major contributor to economic growth in the US”
Through this partnership, firms doing business with NepFin will now be able to tap HSBC for commercial banking services and its global network.
This includes businesses with international needs who are based in markets where HSBC doesn’t have a physical presence.
NepFin offers a commercial lending platform for growth capital to mid-sized businesses with revenue between $10 million and $100 million. It uses machine learning and data science to identify demand for credit costs.
According to a recent HSBC survey, middle market businesses in the US contribute $7.3 trillion in turnover and employ more than 20.7 million people.
“This segment is a major contributor to economic growth in the US,” says EJ Achtner, head of digital banking at HSBC US Commercial Banking.
This development follows a recent announcement about HSBC’s plans to launch a “Digital Partner Platform” designed to get more corporate customers of all sizes, “from large companies to emerging fintech firms”.
Headquartered in San Francisco, NepFin says its early-stage investors include SoFi, Funding Circle, Lending Club and Upgrade.
In other HSBC news today (26 February), the bank began beta testing its PayMe System for businesses, with 15 retailers in Hong Kong now able to accept payments from customers using the e-wallet app.
