HIGH street bank NatWest is taking on digital lenders with the launch of a new working capital product.
Rapid Cash offers credit of up to £300,000 based on customers’ unpaid invoices, competing with the likes of MarketInvoice and Growth Street.
Businesses can apply online for Rapid Cash and could be approved within 24 hours of applying, parent company Royal Bank of Scotland said. Once approved, customers could have funds in their account within a few hours.
Once funds are repaid, customers can draw down against the line of credit again, up to their approved limit. NatWest sees the product as an alternative to traditional business overdrafts.
Rapid Cash is now available to all of the bank’s business customers and will be available to all UK businesses in the coming weeks. NatWest has been testing the product with select customers since the beginning of the year.
“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, managing director and head of sales, specialist businesses 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”.
The bank developed Rapid Cash in partnership with Australian fintech lender Waddle Loans.