NatWest rolls out digital working capital product

NatWest rolls out digital working capital product

British bank NatWest is piloting a digital working capital product that offers a credit limit based on business customers' unpaid invoices.

Developed with Australian fintech Waddle Loans, the product, called Rapid Cash, connects with accounting software to give businesses a dynamic credit limit of between £25,000 and £3000,000.

The application process is digital, with customers able to get credit approval within a day and then the funds in their account a few hours later.

Businesses also get 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.

Following testing with a small number of users, Rapid Cash is now being offered to all NatWest business customers and will be made available to non-customers within weeks.

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