HSBC Holdings Plc is turning to a startup to help it pick upmore middle-market customers.
The bank is working with Neptune Financial to offer onlinecommercial loans in the United States. HSBC is targeting companiesin cities including St. Louis, Minneapolis, and Jacksonville,Florida, where it doesn't already have a physical presence. Loanvalues will range from $1 million to $100 million.
“I would classify it as radical growth,” EJ Achtner, head ofdigital banking at HSBC's U.S. commercial unit, said in aninterview. He described the partnership as a cost-efficient way toexpand middle-market reach.
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