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NatWest partners with prepaid company card provider Soldo

NatWest has announced a partnership with prepaid company card provider Soldo in a bid to enable two of the bank’s ventures, Esme Loans and Rapid Cash to be made available to Soldo’s customers. The move aims to further the bank’s goal of increasing lending to UK SMEs throughout 2020.

Andy Ellis, Head of NatWest Ventures said, “As one of the UK’s biggest banks for SMEs, we’re extremely keen to work with anyone that offers a unique, simple experience that makes it easier for our customers to run and grow their business. Soldo is a partner who do exactly that, whilst sharing our passion to do things differently for UK SMEs. We’re thrilled to be working with them.”

According to the Bank, the partnership will allow Soldo’s users to apply for business loans of up to £250,000 via Esme Loans or choose to borrow up to £500,000 as a flexible line of credit against unpaid invoices via Rapid Cash.

Last November, the lender had extended its growth fund to support small businesses to £8.2billion to help businesses grow, fund green initiatives and navigate the current uncertain business climate.

The announcement follows Rapid Cash’s integration with the cloud-based accountancy software provider, Xero in November.

Recently, NatWest also announced a new feature which will allow users to track their spendings from their current account through a new ‘spending’ tab for the customers to stay in control of their money.

Soldo is the multi-user expense account featuring Mastercard cards, admin and reporting. They aim to streamline the business expense cycle – from spending to reconciliation.

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