Australian lending fintech Waddle says it has successfully completed a six-month pilot partnership and trial of its NatWest Rapid Cash platform with The Royal Bank of Scotland Group.
The NatWest Rapid Cash product is built on Waddle’s core working capital platform, which has been customised to meet the local UK market and enterprise bank requirements.
Waddle says the successful implementation means RBS is one of the first banks globally to offer an automated working capital solution to its customers.
And Waddle says the pilot to date has resulted in more than 400 client applications and in excess of £10 million in funds extended, with plans now underway to scale the product throughout the RBS customer base.
Under the deal, the Rapid Cash platform integrates with the SMEs’ accounting software to remove the administrative effort involved with traditional working capital facilities.
And Waddle says an indicative quote can be obtained in just a few seconds, with the credit limit adjusted ongoing in real time as invoices are raised and paid by the business.
“When RBS reached out 12 months ago, it was immediately obvious that we shared a similar vision on the future of working capital products in the SME space,” said co-founder of Waddle, Simon Creighton.
“The combined RBS-Waddle team were able to come together across geographies and deliver a bank branded product within a four-month delivery timeframe. That speaks volumes in itself and something I am really proud of the combined team for.”
Creighton said the Waddle platform will allow RBS to automate its operational processes and move to a real-time approach to portfolio management, with efficiency gains allowing the bank to be the price leader ..
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