HSBC partners with NepFin to target middle market US businesses

HSBC US commercial banking has announced a partnership with fintech lending platform Neptune Financial (NepFin) in a bid to target middle market businesses in the US in need of capital.

Through the deal, firms already doing business with NepFin will now be able to use HSBC for commercial banking services, along with access to its global network.

This includes businesses with international needs who are based in markets where HSBC doesn’t have a physical presence or in cities where there isn’t easy access to multinational financial institutions who can serve companies of all sizes.

“This partnership will enable HSBC to extend its global capabilities and international network to benefit more US businesses,” said EJ Achtner, Head of Digital Banking at HSBC US Commercial Banking.

“We’re excited to leverage NepFin’s platform to help more middle market businesses efficiently source capital.”

Founded in 2016, NepFin’s commercial lending platform provides growth capital to mid-sized businesses in the US with revenue between $10 million and $100 million.

It utilises financial intelligence tools to identify lower costs and demand for credit – NepFin hope that partnering with HSBC will enable the firm to strengthen its digital proposition through analytics and insight.

NepFin CEO and Co-founder Albert Periu said: “HSBC has a long and impressive history serving all types of businesses throughout the world.”

“We look forward to combining their expertise, particularly in the middle market, with our digital platforms so that we can better serve the needs of this important segment.”

In the announcement, HBSC alluded to a recent survey they conducted that discovered middle market businesses in the US contribute $7.3 trillion in turnover and employ more than 20 million people.

Achtner added: “This segment is a major contributor to economic growth in the US. We see companies increasingly looking for new ways to grow, it’s our job to help them while also providing a great client experience.”

This development follows a recent announcement by HSBC about plans to launch a ‘Digital Partner Platform’ designed to improve client experience for corporate customers of all sizes, from large companies to emerging FinTech firms, through digital enhancements and partnerships.

HSBC say this is part of a broader effort to create a digital ecosystem that provides clients access to the capital they require to grow.

The banking giant also recently launched its ‘PayMe’ mobile app in Hong Kong.