The bank’s IP-backed loan aims to support Sci-Net in expanding its customer base, which includes national retailers such as Tapi Carpets, Missoma, and Jessica McCormack, as well as national distributors.
NatWest's new High Growth IP Loan, developed in collaboration with specialist IP valuers Inngot, is designed to address the funding needs of high-growth firms. Loans are available starting from GBP 250,000, leveraging up to 50% of the firm’s intellectual property, software, patents, copyrights, trademarks, and registered designs, as assessed by Inngot’s systems and processes.
Sci-Net collaborates with tech giants such as Microsoft, and this funding is expected to fuel further expansion. Representatives from NatWest Group cited by retailbankerinternational.com noted the bank’s support for Sci-Net with its inaugural IP-backed loan, emphasising the potential for unlocking value from intellectual property and intangible assets to drive economic growth.
In turn, officials from Sci-Net expressed gratitude for NatWest’s financial support and business guidance, highlighting the opportunity to enhance efficiency, automation, and customer service through further development of their software.
In February 2024, NatWest became a supplier on the Crown Commercial Service’s (CCS) new Dynamic Purchasing System (DPS) for Open Banking services. This DPS is open to all public sector entities across the UK, encompassing central government, local authorities, NHS, police, education providers, devolved administrations, and charities. This confirmation enabled buyers to use NatWest's Payit Open Banking solutions and gain access to the Confirmation of Payee (CoP) API, thereby enhancing fraud prevention measures.
NatWest is already well integrated within the public sector. For example, it is one of the largest suppliers of commercial cards under CCS’ Payment Solutions 2 framework. It is also one of the two house banks on the government banking contract. At the time, representatives from NatWest said that this DPS would give the public sector access to a pool of pre-qualified suppliers. With the continued adoption of Open Banking in the UK, the bank is uniquely positioned to support the public sector with its Open Banking solutions.
Crown Commercial Service supports the public sector to achieve commercial value when procuring common goods and services. In 2021 and 2022, CCS helped the public sector to achieve commercial benefits equal to GBP 2.8 billion.
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