Today in B2B payments, Virgin Money has tapped a FinTech partner as it prepares the rollout of its business banking offering, while Iceland debuts its instant payments network. Plus, Altana raises funding for its supply chain technology, Velo Labs partners with Visa on SME lending and Google’s former CEO backs a new tech fund.
Virgin Money, Redspire Team On Business Banking
Glasgow-based bank Virgin Money has partnered with Redspire, a local FinTech, to help boost its presence in the business account market, according to a report from Daily Business Group. The bank is working to launch its Virgin Money Business program next year, with the target being 100,000 small to medium-sized business (SMB) customers by the end of 2025 and 20,000 by the end of 2022, the report says. Virgin Money is currently transforming its existing system for business current accounts into a new form, a “wellness tracker” for SMBs. Redspire will work with Microsoft to create digital-based solutions.
Velo Labs Teams With Visa, Lightnet On MSME Lending In Asia
Velo Labs has unveiled a joint effort with Visa and Lightnet Group to build out payment offerings together in Asia, according to an announcement. Velo Labs, Visa and Lightnet Group will work together on payment offerings targeted at serving the micro, small and medium enterprise (MSME) lending market in Asia, the announcement stated. The collaboration seeks to let those who have substandard credit histories, or no credit histories, get a line of credit by putting digital assets up as collateral.
Iceland Central Bank Debuts Instant Payments
The Central Bank of Iceland (CBI) is debuting a new instant pay platform with partnership with SIA, a European company specializing in high-tech payment services and infrastructures, according to a press release. The service will help CBI focus on a more “strategic and modern” infrastructure for both high and low payment values, and it will use SIA’s technology to enable better connectivity with other central banks. Sturla Pálsson, director for Markets Department of the Central Bank of Iceland, said in the release that the efficient, secure payment system is a prerequisite for “smooth, normal business transactions in a modern economy.”
Altana AI Lands $7 Million For Supply Chain Visibility
Supply chain intelligence company Altana AI landed a $7 million seed funding in an Amadeus Capital Partners-led round. Other entities that took part in the funding included AlleyCorp, Schematic Ventures and the Working Capital – The Supply Chain Investment Fund, according to an announcement. “We have built what we believe to be the world’s most comprehensive digital model of the global supply chain, and these funds will help us to expand that lead, covering more of the world, and more risk, as we advance the shared [artificial intelligence (AI)] platform used by governments and the private sector to build better global commerce,” Altana CEO Evan Smith said in the announcement.
Google’s Former CEO Schmidt Invests In New $111 Million EU Tech Fund
Former Google CEO Eric Schmidt is among the backers of a new $111 million European early-stage venture capital fund, according to CNBC. Schmidt, whose net worth is $20 billion, according to the Bloomberg Billionaire Index, put an undisclosed amount into the fund, which was announced Monday (Nov. 30) by London-based venture capital firm Firstminute Capital, CNBC reported.
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