Rapid cash

NatWest poaches ex-Growth Street chief commercial officer for Rapid Cash CEO

Alternative loans

The bank has made a number of moves in fintech, including partnerships with Tink and Xero.

Image Source: Growth Street

NatWest has appointed Julie Ashmore as CEO of its digital overdraft alternative Rapid Cash, in an effort to accelerate its working capital growth.

Ashmore is from Growth Street, a London-based peer-to-peer lender, where she was Commercial Director.

Ashmore has over 30 years of experience in the SME banking and finance market and was previously Head of SME Lending at HSBC and also runs his own consulting and coaching business.

NatWest launched Rapid Cash in 2019 as an alternative to overdrafts by offering businesses a flexible line of credit to cover unpaid invoices up to £ 500,000 based on real-time integration with accounting software.

Rapid Cash recently announced integrations with third parties such as the Xero accounting platform and the expense management fintech Soldo.

The bank hopes partnerships like these will help it reach a wider range of customers alongside NatWest’s 1 million merchant bank customers.

Speaking of her appointment, Ashmore said: “I look forward to working with our employees to make Rapid Cash the leading proposition of its kind for UK businesses.

“Over the past few years, I have watched with interest the coming together of the banking and fintech worlds to transform the SME lending market, developing innovative alternatives through accessible and intuitive digital channels.

Andy Ellis, Head of NatWest Ventures, added: “In 2020, we aim to accelerate our progress, thereby helping more SMEs to grow. We look forward to seeing the business flourish under Julie’s leadership.

Ashmore’s exit from Growth Street comes just weeks after struggling peer-to-peer lender co-founder and CEO Greg Carter stepped down.

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