Virgin Money announced on Thursday it has joined forces with Trade Ledger, a fintech specializes in data-driven lending technology, to build on its business banking proposition. According to Virgin Money, Trade Ledger is a tech provider for commercial banking and financial services. It supports banks by enabling lending products to be created.
Virgin Money further revealed that through the partnership Trade Ledger will allow it to deliver a “quicker and more user-friendly” experience for business customers applying for lending.
“By using Trade Ledger’s platform, which analyses data and automates a wide range of key lending processes, Virgin Money will be able to provide a quicker, more efficient service to its customers while reducing risk. The initial Trade Ledger products in scope for the Virgin Money Working Capital Health proposition include business term loans, asset finance and invoice finance.”
Speaking about the partnership, Gavin Opperman, Group Business Director at Virgin Money, stated:
“Customer experience is key as we prepare to bring our business banking proposition to the market in the Autumn. Our fintech partners are allowing us to create something completely new for businesses, and lending is an important part of the conversation. We have seen first-hand the impact the COVID-19 pandemic has had on our business customers and we want to be able to support SMEs as they seek opportunities to recover and grow.”
Roger Vincent, UK Managing Director at Trade Ledger, added:
“We’re thrilled to be working with the team at Virgin Money because they recognise the value in using data to reimagine working capital for the digital economy. Our partnership will help to get capital to the businesses who really need it at a critical time.”