NatWest is to provide Esme Loans and Rapid Cash lending services direct to users of pre-paid company card Soldo, as the bank aims to increase lending to SMEs throughout 2020.
Soldo is a multi-user business expenses solution including Mastercard prepaid cards, a mobile user app and web console that automates expense reporting while giving businesses control over how and where employees and departments can spend company money.
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 Soldo's desktop app.
Andy Ellis, Head of NatWest Ventures says: “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.”
The deal with Soldo 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.