NatWest has confirmed the acquisition of FreeAgent, the Edinburgh-based cloud accounting software company.

Following an offer in March, FreeAgent will continue to operate as an independent brand and maintain its current Edinburgh location. The move comes in advance of the ‘Making Tax Digital’ initiative from HMRC, due to apply to all VAT registered businesses for their VAT obligations from April 2019.

FreeAgent has recently introduced upgrades to its platform to help small businesses identify and deal with invoices that are paid late. Since first partnering with FreeAgent in 2017, NatWest has been able to help 15,000 small business customers manage their accounting needs digitally.

Earlier this month, the bank announced it was making available £1 billion of additional lending, designed to help UK businesses invest in manufacturing, technology and development. The additional lending is specifically aimed at SMEs looking to boost business performance through investment in productivity-improving measures.

Marcelino Castrillo, managing director of business and premier banking at NatWest, said: “Today’s announcement is a signal of our commitment to investing in innovation to help the UK’s small businesses boost their productivity as they free up time and resources to run their businesses.”

Share Story: