On Tuesday, alternative lender iwoca announced it is set to receive referrals from NatWest as part of the website’s new expanded panel of alternative lenders, Capital Connections.
According to the companies, Capital Connections build on NatWest’s existing partnerships and creates even more opportunities for users to find the right lenders for them. The panel is now in its full launch phase and earlier this year reportedly introduced a wider panel of all five lenders to commercial customers and had a turnover of up to 25 million in southwest England, Wales, and Scotland. Capital Connections include two peer-to-peer or marketplace lending platforms, Assetz Capital and Funding Circle, which are notably working with NatWest to support business banking customers. Other participants include RBS Social and Community Capital, and Together,
Through Capital Connections, customers may choose to contact any of the lends directly or be referred to a provider. To ensure transparency and no conflict of interest, there is no commission paid for the referrals. Sharing more details about the panel, CEO of Commercial and Private Banking at NatWest, Alison Rose, stated:
“Following a successful pilot, I’m delighted that we will now be able to formally refer all business and commercial scale businesses, across England and Wales, to an [unrivaled] panel of experts and professionals with a wide range of lending appetites. NatWest is the biggest supporter of British businesses and we are committed to improving the support we can offer, including enhancing access to the borrowing which is essential for jobs and economic growth, whether they are existing customers of NatWest or not.”
Christoph Rieche, CEO of iwoca, went on to add:
“We are delighted to have been chosen by NatWest to offer SME customers fast and flexible access to working capital loans. Our award-winning technology will help them access much needed credit within hours using a simple online application form, and this will help thousands of small businesses manage their cash flow and take advantage of growth opportunities.”