UK banking group NatWest announced on Wednesday it has joined forces with Soldo, a pre-paid company card provider for small businesses, to expand its SME lending capabilities. NatWest reported that the partnership will allow two of its ventures, Esme Loans and Rapid Cash, to be offered directly to Soldo’s customers, as the bank aims to increase lending to UK SMEs throughout 2020.
“Through the new partnership, Soldo users will be able to apply for swift business loans of up to £250,000 via Esme Loans; or choose to borrow up to £500,000 as a flexible line of credit against unpaid invoices via Rapid Cash. Both services will be available directly from within its desktop app, offering quick and simple access to business lending. The partnership follows Rapid Cash’s integration with cloud-based accountancy software provider Xero in November, and is the latest fintech that Esme Loans has joined forces with over the past 12 months.”
Speaking about the partnership, Andy Ellis, Head of NatWest Ventures stated:
“As one of the UK’s biggest banks for SMEs, we’re extremely keen to work with anyone that offers a unique, simple experience that makes it easier for our customers to run and grow their business. Soldo is a partner who do exactly that, whilst sharing our passion to do things differently for UK SMEs. We’re thrilled to be working with them.”
NatWest went on to add that the partnership supports its aim to support growth of UK SMEs with business lending in 2020, following confirmation last November that the lender had extended its growth fund to support small businesses to £8.2billion to help businesses grow, fund green initiatives and navigate the current uncertain business climate.