NatWest has announced a partnership with pre-paid company card provider Soldo.
The bank said the deal will enable two of its digital ventures, Esme Loans and Rapid Cash, to directly reach Soldo’s business customers as NatWest looks to boost SME lending in 2020.
Soldo offers pre-paid services for business expenses across Mastercard, mobile app and online. Its platform 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 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.
Andy Ellis, head of NatWest Ventures said: “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. Soldo is a partner who do exactly that, whilst sharing our passion to do things differently for UK SMEs. We’re thrilled to be working with them.”
The announcement marks the latest in a string of recent partnerships the bank has struck with tech providers to broaden its digital offering.
Last year, the lender teamed up with Microsoft, Amazon and IBM as it continued to invest in customer-focussed technology.
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