Waddle and RBS pilot partnership

Friday 19 July 2019 13:01 CET | News

Australia-based SME lending fintech Waddle has announced a six-month pilot partnership with the Royal Bank of Scotland.

The product, branded as ‘NatWest Rapid Cash’, is built upon Waddle’s core working capital platform, which has been customised to meet the local UK market and enterprise bank requirements. The implementation means RBS can offer an automated working capital solution to its customers.

The pilot to date has resulted in more than 400 client applications and more than GBP 10 million (GBP 12.5 million) pounds in funds extended. Plans are now underway to scale the product throughout the RBS customer base.

The Rapid Cash platform integrates with the SME’s accounting software to remove the administrative effort involved with traditional working capital facilities. An indicative quote can be obtained in just a few seconds. The credit limit is adjusted ongoing in real time as invoices are raised and paid by the business.

The Waddle platform will allow RBS to automate its operational processes and move to a real-time approach to portfolio management.

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Keywords: banking, corporate banking, digital, lending, SMEs, RBS, Waddle, fintech
Countries: World