Virgin Money has partnered with Glasgow-based FinTech Redspire, to support the development of its digital proposition for its new Virgin Money Business current account offering.
Redspire is a Microsoft Gold Partner for Cloud Business Applications, and is expected to support the development of new digital solutions.
The partnership is part Virgin Money’s commitment to the recent £35m award from the Banking Competition Remedies (BCR) Capability and Innovation Fund..
Virgin Money has built a Working Capital Health offering to transform its current business current account offering into a financial wellness tracker for SMEs.
Virgin Money group business director Gavin Opperman said: “Following our successful application to the BCR Capability and Innovation Fund, we have been moving forward with Virgin Money Business, which will be ready for launch early in 2021.
“Collaboration is key to our success and I am pleased to welcome Redspire onto our extended team. We have a strong relationship with Redspire and place great value on their agility and ability to respond to our needs. I look forward to working with them as we continue to build our Working Capital Health proposition.”
The launch of Virgin Money Business is expected to mark the entry of the Virgin brand into the business current account market for the first time.
Along with additional large-scale investment, the Virgin Money Business account is expected to make the company a disruptor in the SME banking market and provide an alternative to incumbent banks for customers in the UK.
Virgin Money partners with Twenty7tec for API integration
Virgin Money has also partnered with technology expert Twenty7tec, for API integration that simplifies the search and application process by eliminating the need for re-keying data.
The integration is expected to help users not only in applying for a decision in principle from the firm, but also submit a full mortgage application and make payments without entering into the Virgin Money portal.
Twenty7Tec CEO James Tucker said: “Virgin Money has a great track record for innovating in the mortgage market and playing a huge role in delivering better customer service, so we’re over the moon to help them with this integration.
“As a result of this deal, Virgin Money Customers will experience a seamless experience from beginning to end, something which the Virgin brand is so closely allied with. We’re proud to be their partner in making the mortgage experience a little better for everyone involved.”
