Virgin Money Teams With Trade Ledger On Business Lending Tech

Virgin Money is collaborating with FinTech Trade Ledger as it keeps developing its corporate banking offering, according to a Thursday (April 29) announcement.

Virgin Money Group Business Director Gavin Opperman said in the announcement that client experience is essential as the company gets ready to bring its corporate banking offering to the market in the fall.

“Our FinTech partners are allowing us to create something completely new for businesses, and lending is an important part of the conversation,” Opperman said in the announcement.

Virgin Money’s collaboration with Trade Ledger lets it provide a faster and more user-friendly experience to corporate clients seeking loans, according to the announcement.

Trade Ledger’s system analyzes information and digitizes a broad array of important lending processes. By harnessing Trade Ledger’s technology, Virgin Money will have the ability to offer faster and more effective service to its clients while also cutting down on risk, the announcement stated.

Trade Ledger U.K. Managing Director Roger Vincent said in the announcement that the firm’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.”

Trade Ledger serves the business banking and financial services space, helping banks by allowing lending offerings to be developed and provided at the right moment and through the right channel. The firm’s system comes with a Lending-as-a-Service (LaaS) functionality, which works with unsecured and secured lending, to unleash all kinds of corporate lending and working capital offerings for companies that otherwise find it challenging to access finance, the announcement stated.

The news comes as PYMNTS reported that Virgin Money has teamed with Fluidly. The latter firm joins other FinTechs like Strands, Redspire, Waracle, Codat and Life Moments that have also collaborated with the bank.

Fluidly provides various invoice chasing, funding and outlook tools, allowing firms to view all parts of cash flow in one location.