NatWest Rapid Cash now available to all new and existing NatWest customers

NatWest Rapid Cash, an innovative solution that supports working capital requirements by offering a line of credit based on a customer’s unpaid invoices is now available to all new and existing NatWest customers in England and Wales. This follows a successful pilot with over one hundred customers, £30 million of drawdowns and consistent positive feedback

NatWest Rapid Cash combines the simplicity of an overdraft with the flexibility of invoice finance to offer business customers more freedom in how they arrange and use credit. It is an alternative to a traditional business overdraft, with a credit limit that is based on customers’ unpaid invoices. The application process is digitised, quick and seamless, and customers can obtain credit approval within days of applying. Once approved, customers can have funds in their account within a few hours. There are no set up or monthly fees for funds up to £300k, meaning customers only pay for what they use. NatWest 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.

To enable us to support more customers the credit limit has been increased from £300k to £500k and to expand the eligibility two further accountancy packages have been added – Quickbooks Desktop and Netsuite – in addition to FreeAgent, Xero, Quick Books Online, Kashflow, Sage 50 and Sage Business Cloud.

Commenting on the full roll out of NatWest Rapid Cash to new and existing NatWest customers Head of NatWest Ventures Andy Ellis said:

“NatWest Rapid Cash is a unique, market-leading product which provides an alternative to a conventional business overdraft. The increased credit limit and the expanded eligibility will ensure that we can support more customers whilst they focus on growing their businesses. I am particularly proud that NatWest Rapid Cash is the latest of our innovative offerings within the ventures portfolio to be successfully developed and launched, our other offerings include Esme Loans, Tyl by NatWest, Aptimise, Mettle and Path. Each of these innovative offerings reiterate our commitment to continuing to support our customers evolving needs and requirements.”