UK banking group NatWest announced on the pilot launch of its new working capital product, Rapid Cash. According to NatWest, the NatWest Rapid Cash is an alternative to a traditional business overdraft, with a credit limit that is based on customers’ unpaid invoices.
“Rapid Cash can be tailored to individual customer needs – with a choice of how much to borrow, and for how long. Once funds are repaid, customers can draw down against the line of credit again, up to their approved limit.”
NatWest also reported that the product has been tested with a select number of the bank’s business customers since the start of 2019 and is now open to all business customers. While sharing more details about the product, Paul Thwaite, MD Head of Sales, Specialist Businesses and Business Banking, stated:
“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. This is a product which we have built to provide an alternative to a conventional business overdraft. 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.”
NatWest added that the NatWest Rapid Cash was developed in partnership with Waddle Loans Pty, an Australian fintech lender.