The Dundee-headquartered mobile and online solutions business has become well-known for its design and development of digital products and services. Through this partnership with Virgin Money, Waracle will focus on creating customer apps with a special focus on products that promote financial wellbeing.
Waracle’s experience will be key as Virgin Money works on its Working Capital Health proposition, which aims to enhance the bank’s existing business current account offering by adding a financial wellness tracker for small businesses. This latest announcement is reportedly a part of Virgin Money’s commitment to the £35 million award from the Banking Competition Remedies (BCR) Capability and Innovation Fund.
Gavin Opperman, Group Business Director at Virgin Money, stated:
“The skills and capabilities which Waracle provide are very much in demand and are vital in helping us develop our innovative business banking proposition, both in terms of what we deliver and how we deliver it. We’re confident the cutting edge approach to technology the team will deploy will deliver great experiences for our customers.”
Opperman added that Waracle is an established Scottish firm and they’ve worked with them before when they developed an augmented reality (AR) Currency Converter, which was “a great success.” He also mentioned that the team’s “collaborative” approach and solid work ethic “fits perfectly with our combined team, including an ecosystem of capability partners.”
The introduction of Virgin Money Business will notably mark the launch of the Virgin brand into the business banking sector for the first time.
Mike Wharton, Co-founder and CTO at Waracle, stated:
“It’s tough times for businesses and the innovative banking proposition Virgin Money is bringing onto the market to help the business community thrive couldn’t come at a better time. We’re excited to bring our expertise to the table to work alongside the Virgin Money team.”
Virgin Money has signed up to The Fintech Pledge, which aims to establish an international standard for partnerships between the UK’s major banks and Fintech companies.
Derek Smith, Head of Digital Solutions at Virgin Money, remarked:
“Collaborating with Fintechs is a huge part of our overall strategy and we value the input our partners bring to the table. In Scotland, Fintechs are really driving innovation and are transforming the customer experience. We are delighted to have Waracle on our team as we prepare to deliver our Working Capital Health proposition to the market.”