Middle market businesses comprise a large and thriving sector of the economy.
HSBC US Commercial Banking recently announced in a press release it has partnered with fintech startup Neptune Financial (NepFin) to better serve the capital needs of middle market businesses in the United States. Under this collaboration, firms working with NepFin can now access commercial banking services within HSBC’s global network.
According to the statement, this includes businesses with international needs who are based in markets where HSBC lacks a physical presence or in cities where there is limited access to multi-national 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.”
NepFin’s commercial lending platform, which uses machine learning and data science to assess creditworthiness, offers growth capital to mid-sized businesses with revenue between $10 million and $100 million. Through this partnership with HSBC, the startup plans to strengthen its digital proposition through analytics and insight.
“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.”
“HSBC has a long and impressive history serving all types of businesses throughout the world,” said NepFin CEO and Co-founder Albert Periu in the press release. “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.”
A recent HSBC survey found that 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. We see companies increasingly looking for new ways to grow, it’s our job to help them while also providing a great client experience,” added Achtner.