The open banking-powered fintech will support Virgin Money’s business lending products.
Image source: Cytonn Photography/Unsplash
Another day, another fintech partnership.
Richard Branson’s bank Virgin Money has taken a tentative step into the world of fintech, partnering up with open banking fintech Trade Ledger.
Trade Ledger helps banks and alternative lenders make credit decisions harnessing the power of open banking to do so.
The partnership allows Virgin Money to deliver a quicker and more user-friendly experience for its business customers applying for lending.
Trade Ledger’s platform analyses data and automates a large part of the lending process, speeding up decisioning times and streamlining the entire process.
“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,” Gavin Opperman, group business director at Virgin Money 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.”
Virgin Money’s collaboration with Trade Ledger is part of its commitments to the £35m Banking Competitions Remedies (BCR) Capability and Innovation Fund that it scooped in 2020.
“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,” Roger Vincent, UK managing director of 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.”
Initially, Trade Ledger’s products will be used to help bolster Virgin Money’s Virgin Money Working Capital Health product, which includes business term loans, asset finance and invoice finance.
Earlier this year, Trade Ledger closed a £13.5m Series A funding round to help it grow both its product offerings and customer base.