Virgin Money has partnered with lending-as-a-service platform Trade Ledger as it builds out a new business banking proposition.
Trade Ledger said that the partnership will enable Virgin Money to offer business customers applying for lending a quicker and more “user-friendly” experience.
It confirmed that the initial products in scope for the Virgin Money working capital health proposition include business term loans, asset finance and invoice finance.
Gavin Opperman, group business director at Virgin Money, said that customer experience will be a key part of the business banking proposition it is working on bringing to 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,” Opperman said.
“With its flexible architecture and ability to cater for the widest range of commercial lending products, our partnership with Trade Ledger complements our digital proposition and will help us to support customers more effectively.”
The partnership forms part of Virgin Money’s commitments to the £35m award from the Banking Competition Remedies Capability and Innovation Fund in 2020.
Earlier this year, Virgin Money added Codat to its team of technology partners as part of developing its working capital health proposition.
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.”