Shop-style banking chain looking for £45m to expand

The group, the first high street bank to launch in the UK for more than 100 years, is understood to be looking to its original investors for the money, according to the Mail on Sunday.

Metro promised to revolutionise British banking when it opened its first branch in Holborn in London in July.

It aims to do this through offering retail opening hours, unparalleled customer service and a simple range of products.

It has since opened a further three branches, which it refers to as stores, with the latest in Borehamwood in Hertfordshire opening its doors to customers on Friday.

The group had originally aimed to have 40 branches by 2014, increasing the number to 200-plus – all within the M25 – by 2020. But it is thought that it now hopes to accelerate these plans.

Some of the new money raised is also likely to be used to reassure City regulator the Financial Services Authority that it has sufficient capital to back its growth plans.

Metro hopes to raise the bulk of the new money from its existing investors, who include its US founder Vernon Hill, investment houses Fidelity and Wellington and property investors the Reuben brothers and New York real estate developer Richard LeFrak.

But new investors will be brought in if the original backers, who are understood to have put up 75m for the bank's launch, do not subscribe to the full 45m.

Metro has set itself apart from existing high street banks by keeping retail opening hours, with branches open seven days a week, from 8am to 8pm on Monday to Friday.

It also promises high levels of customer services, with it taking just 15 minutes to open an account in one of its branches.

That even includes being issued with your own credit or debit card, which are printed in store.

In a bid to attract businesses, it also offers personalised business banking services, with local managers empowered to make decisions on loans for local companies.

The group is based on the model used for Commerce Bank in the US, which was founded by Mr Hill in 1973.

However, the products Metro launched with underwhelmed financial commentators, with none of them making it on to the best buy tables.

No one from Metro Bank was available to comment on the report.