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Virgin Money and Flexys sign a six-year partnership extension

By Gloria Methri

April 03, 2023

  • Bounce Back Loan Scheme
  • Debt Collection
  • Debt Management Platform
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Virgin Money, Flexys, UK, FinTech, Debt Resolution Software, Bounce Back Loan Scheme, Pay As You Grow  Virgin Money has announced an extension of its contract with debt resolution software supplier Flexys Solutions for a further six years. Following a project to provide a digital solution to manage Bounce Back Loan Scheme (BBLS) repayments and Pay As You Grow (PAYG) options, Flexys will continue working with Virgin Money to deliver an ongoing modern money experience for business customers.

Figures show that BBLS made £47 billion of loans available to 1.67 million SMEs across the UK, with Virgin Money lending £1 billion to over 34,000 business customers.

The digital self-service solution developed with Flexys was the first of its kind deployed by Virgin Money and, to date, 14,000 BBLS loan restructures have been completed via PAYG. The solution enables customers to manage their loans over the full term, helping them make an informed decision about what the best option is for them.

Flexys CEO, James Hill, said, “Working with Virgin Money has been a pleasure for the whole Flexys team, and their continuing confidence in Flexys is gratifying. This six-year partnership will build on the results already delivered and cement a productive collaboration to deliver the best possible service and outcomes for Virgin Money’s customers.”

Graeme Sands, Head of Digital Business Banking & CX at Virgin Money, commented, “We wanted to make it as easy and intuitive as possible for our bounce back loan customers to take advantage of the Government’s Pay As You Grow scheme. Flexys helped us deliver an efficient digital solution to do that, and we look forward to continuing working with them to offer this type of optionality to our customers.”

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