back Back

NatWest offers £1 mn of cashflow to businesses to aid recovery

By Megha Bhattacharya

April 01, 2021

Share

natwestNatWest announced that it will offer SMEs up to £1 million of cash flow funding through its digital overdraft alternative Rapid Cash, as it looks to support UK SMEs as they enter the next phase of economic recovery. The bank’s Rapid Cash service now provides businesses with a flexible line of credit based on outstanding invoices for up to £1million, offering a quick solution to temporary cashflow difficulties. Businesses apply through a simple online five-step process to request funds which, if approved, are credited to their account with 48 hours.

Julie Ashmore, CEO, NatWest Rapid Cash, said, “As the country takes its next steps out of lockdown, businesses in many sectors will expect to see activity ramp up accordingly, bringing some much-needed optimism following an incredibly tough year. However, we know that it will take time to for business’ cashflow to achieve normal levels again, and so NatWest is delighted to extend the amount of cashflow support available to customers through Rapid Cash, to £1million, ensuring that businesses have quick and affordable access to funds, helping them to thrive again as quickly as possible.”

NatWest previously offered funding of up to £300,000 via Rapid Cash before today’s uplift to £1million. Since its launch, the service has lent over £130million to UK businesses and has seen record numbers of SMEs signing up for the service since the beginning of this year, with many businesses choosing to use the service alongside government lending schemes such as Bounce Back loans.

Previous Article

April 01, 2021

BNPL platform Fundiin raises funds for Vietnamese market expansion

Read More
Next Article

April 01, 2021

Creditas Solutions launches digital collections and recoveries platform Ethera

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 05, 2024

First State Bank taps Jack Henry to boost banking experience for retail and commercial customers

Read More

April 01, 2024

GFT Technologies appoints Marco Santos to Group CEO

Read More

March 27, 2024

Vilja integrates Mast’s mortgage origination solutions into platform

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023