By Aisling Finn on Thursday 6 February 2020
The bank has been making a number of moves into fintech including partnerships with Tink and Xero.
NatWest has appointed Julie Ashmore as CEO of its digital overdraft alternative Rapid Cash, in a bid to accelerate the growth of its working capital venture.
Ashmore joins from Growth Street, a London-based peer-to-peer lender, where she was Commercial Director.
Ashmore has over 30 years of experience within the SME banking and finance market and was previously the Head of SME Lending at HSBC and also runs her own consultancy and coaching business.
NatWest launched Rapid Cash in 2019 as an alternative to overdrafts by providing businesses with a flexible line of credit to cover unpaid invoices for up to £500,000 based on real-time integration with accounting software.
The bank hopes partnerships like these will help it to reach a broader scope of customers alongside NatWest’s own one million business banking customers.
Speaking about her appointment, Ashmore said: “I am looking forward to working with our people to make Rapid Cash the leading proposition of its kind for UK businesses.
“I have watched with interest over recent years as the banking and fintech worlds have come together to transform the SME lending market, by developing innovative alternatives through accessible and intuitive digital channels.”
Andy Ellis, Head of NatWest Ventures, added: “In 2020 we aim to accelerate our progress, in turn helping more SMEs grow. We look forward to watching the business flourish under Julie’s leadership.”