The initiative aims to leverage the bank’s resources, expertise, and network to develop innovative solutions for the payments sector. The programme will focus on selecting five UK-based fintech startups at the pre-Series A stage. These companies are expected to address specific challenges in the payments space, a growing area of concern in the digital economy.
Over a ten-week period, NatWest will provide workshops, mentoring, and coaching, aiming to co-develop solutions that align with the bank’s strategic goals.
In the official press release, representatives from NatWest stated that the programme aims to improve customer outcomes by supporting close collaboration with fintechs and entrepreneurs. They brought up that such partnerships also contribute to driving the wider innovation economy.
Furthermore, NatWest’s Chief Payments Officer highlighted the importance of collaboration, particularly during challenging economic conditions. He noted that the programme reflects NatWest’s commitment to innovation by co-creating solutions with emerging fintech players to address future banking needs.
To facilitate the programme, NatWest has partnered with Aspire, a consultancy specialising in startup growth. Aspire will deliver a curriculum and provide additional support to the participating startups. The selected fintechs will have access to NatWest’s Innovation team, senior bank decision-makers, and a structured growth framework. The programme also offers opportunities to connect with peers, mentors, and industry professionals, supporting a network for long-term growth and collaboration.
These developments follow NatWest’s partnership with Mastercard, aimed at launching a mobile virtual card offering for UK companies and their employees.
The Approval2Buy with Mobile Virtual Cards solution was developed to use Mastercard’s mobile virtual card application. It enables companies to provide virtual cards to their employees for use across the world, as well as allow the need for physical cards in order to make corporate payments. The application leverages Mastercard’s virtual card and tokenisation technology that replaces cardholders’ sensitive data with unique card numbers.
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