NatWest to offer small-biz loans through B2B prepaid provider Soldo

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NatWest is partnering with prepaid card and business expense management provider Soldo to provide loans and working capital directly to Soldo's prepaid card users.

Through the new partnership with NatWest, Soldo users will be able to apply for NatWest’s ESME small business loans that carry £250,000 (about $325,00) limits and the Rapid Cash working capital product that provides flexible line of credit based on unpaid invoices for up to £500,000 (about $650,000). The two products will be available directly from within the Soldo desktop application according to a report from Finextra.

In July NatWest began piloting its new working capital product Rapid Cash for its small business customers as an alternative to traditional business overdraft on checking accounts. Rapid Cash provides working capital on a dynamic credit line basis that is based on customers’ unpaid invoices. The digital application process allows a customer to obtain credit within 24 hours, if approved and then in just hours for future capital requests.

In November, Soldo introduced a new API to allow integration with NatWest’s Rapid Cash product, setting the stage for future collaboration between the companies.

Soldo is fintech startup that has the backing of the famed Palo Alto, Calif., venture capital firm Accel which also invested in Facebook, Spotify, Slack, Braintree/Venmo (PayPal), Jet (Walmart) and Etsy.

According to Crunchbase, a website that tracks investments in private companies, Soldo has raised over $83 million in debt and equity in five funding rounds since 2015. It received $11 million from Accel in a 2017 Series A fundraiser and $61 million from its July 2019 Series B round, which included investments by Silicon Valley Bank, Battery Ventures and Accel.

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