UK bank NatWest has announced the pilot launch of Rapid Cash, described as a digital, flexible working capital product that connects with accounting software to provide a dynamic credit limit of £25,000 (US$31,400) up to a maximum of £300,000.
“NatWest Rapid Cash is an alternative to a traditional business overdraft, with a credit limit that is based on customers’ unpaid invoices,” the bank states.
“The application process is digitised, quick and seamless, and customers could obtain credit approval within 24 hours of applying. Once approved, customers could have funds in their account within a few hours.”
NatWest revealed that Rapid Cash has been tested with a select number of its business customers since January and is now open to all of its business customers. The product was developed in partnership with Australian fintech lender Waddle Loans, which focuses on invoice financing for small to medium-sized enterprises (SMEs).
Rapid Cash will now be rolled out nationally and become available to all UK businesses in the coming weeks. During the pilot phase, eligibility is restricted to existing NatWest Business customers, trading for more than six months and with annual turnover upwards of £100,000, which are either a limited company or limited liability partnership in the UK.
Focus on business growth
“We are excited to launch NatWest Rapid Cash as the latest in a number of innovative offerings that we have brought to our business customers recently,” said Paul Thwaite, MD head of sales, specialist businesses and business banking.
By continuing to enhance the value, speed and choice of the services we offer, we’re aiming to ensure that customers can remain focussed on what matters – growing their businesses.”
Rapid Cash can be tailored to individual customer needs – with a choice of how much to borrow, and for how long. Once funds are repaid, customers can draw down against the line of credit again, up to their approved limit.
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