Incumbent banks acquiring fintechs is nothing new, and amidst the coronavirus crisis, we can likely expect to see that trend continue. The latest such move comes from publicly listed Metro Bank, which today has announced its intention to purchase peer-to-peer lender RateSetter for up to £12 million. Pending approval by U.K. regulators, Metro Bank is acquiring RateSetter for an initial price of £2.5 million, with “additional consideration” of up to £0.5 million payable 12 months after completion. Upon the satisfaction of various performance criteria, the bank will then pay an…
