Paul Thwaite

To diversify its portfolio in the BFSI sector, NatWest has stepped in the SME digital credit and alternative finance segment. The unique alternative financing solution, Rapid cash will be disbursing working capital loans in a range of £25,000 to £300,000.

The application process has been automated, customers could obtain credit approval within 24 hours of applying on approval customers could have funds in their account within a few hours. Rapid cash comes with the ability to be completely white labelled as per the customer’s credit needs. At this moment the abilities of Rapid cash are only available to NatWest’s customers, however the bank plans to offer it to all UK firms in the coming weeks.

Commenting on the launch of NatWest Rapid Cash, Paul Thwaite, MD Head of Sales, Specialist Businesses & Business Banking said: “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. This is a product which we have built to provide an alternative to a conventional business overdraft. By continuing to enhance the value, speed and choice of the services we offer, we’re aiming to ensure that customers can remain focused on what matters – growing their businesses”.

This lending technology was developed by NatWest in alliance with Australian fintech lender Waddle Loans. Rapid cash aims to make use of a secure video banking channel which will be a value add in addition to the bank’s relationship manager and telephone networks.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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