NatWest partners with Xero for SME cashflow tech

NatWest has integrated with global small business platform Xero to make funding more accessible for small and medium sized (SME) businesses.

Under the terms of the integration, users will be able to access a NatWest lending service directly from the Xero platform.

Eligible Xero subscribers will be able to apply for NatWest’s Rapid Cash service, which delivers a flexible line of credit based on outstanding invoices of up to £300,000.

The new partnership is part of the bank’s wider strategy to introduce broader connectivity between its suite of ventures for small businesses and other major providers to UK small businesses.

“We’re delighted to begin offering our Rapid Cash directly to Xero’s users in such an integrated way,” said Julie Ashmore, chief economic officer at NatWest Rapid Cash. “Our customers increasingly tell us that they want simple access to quick, accessible lending that helps them run their business day to day, and we believe we’ve achieved that with Xero.

“We’re especially pleased to achieve this integration, becoming one of the first UK banks to work with a third-party partner to provide quotes directly to its customers, within their platform.”

Edward Berks, executive general manager, financial partnerships, Xero, added: “Small business owners cite poor cash flow as one of their biggest pain points, and being paid late is a major contributor.

“Instead of waiting 30 days or more for payment, Xero customers will be able to access money tied up in their outstanding eligible invoices. This will help business owners control cash flow so they can better manage their finances which is crucial in this challenging environment.”

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