Virgin Money joins forces with FinTech Trade Ledger

By Megha Bhattacharya

Virgin Money has teamed up with FinTech Trade Ledger in a bid 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.

Gavin Opperman, Group Business Director at Virgin Money, said, “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.

“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 company stated that its partnership with Trade Ledger is part of its commitments to the £35m award from the Banking Competition Remedies (BCR) Capability and Innovation Fund in 2020.

Roger Vincent, UK Managing Director at Trade Ledger, said, “Trade Ledger’s technology has been purpose built to support banks and lenders who are looking to take the lead with data-driven lending product innovation and technology-led transformation. 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.”