NatWest launches digital invoice financing service as an alternative to overdraft

NatWest’s Rapid Cash enables businesses to borrow up to £ 300,000 against unpaid bills

NatWest has launched a pilot Rapid Cash digital invoice financing service as an alternative to traditional overdrafts.

Businesses can borrow up to £ 300,000 against the value of unpaid invoices once pre-approved. There is no percentage of unpaid invoices that a business can borrow from once the facility is in place.

Customers choose how much and for how long they want to borrow, with credit approval within 24 hours of request; once approved, customers can have funds in their account within hours. There are no setup fees or monthly fees, which means customers only pay for what they use. And once the funds are repaid, customers can draw on the line of credit again, up to their approved limit.

Rapid Cash connects to accounting software packages including FreeAgent, Xero, and Quickbooks. The software was developed in partnership with Australian fintech lender Waddle Loans.

NatWest has tested Rapid Cash with a number of the bank’s commercial customers since the start of 2019, opening it to all NatWest commercial customers as of today; the bank plans to make the product available to all UK businesses in the coming weeks.

Paul Thwaite, Director of Sales at MD, Specialty Enterprises and Investment Banking, said: “This is a unique and market-leading product that we have designed to provide an alternative to a conventional trade overdraft. By continuing to improve the value, speed and choice of the services we offer, we aim to ensure that customers can stay focused on what matters: growing their business.

NatWest has around 800-900,000 customers, including clubs and corporations, with revenues of up to £ 2million per year.

Further reading

NatWest doubles its pot of small business growth funds to £ 6bn

Comments are closed.