Virgin Money teams with UK FinTech firm to bolster lending offering

Virgin Money has partnered with FinTech company Trade Ledger to deliver a quicker, more user-friendly experience for business customers applying for lending.

Established in 2016, Trade Ledger is a cloud-native Banking-as-a-Service platform for SME and mid-market lending. The platform supports many secured lending categories such as asset-based lending, invoice finance, commercial loans, supply chain financing and factoring.

According to Virgin, by integrating Trade Ledger’s platform – which is able to analyse data and automate a wide range of lending processes – Virgin will be able to offer a quicker, more efficient service to its customers while also cutting risk. The initial Trade Ledger products in scope for Virgin include asset and invoice finance as well as business term loans.

Virgin Money group business director Gavin Opperman 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.”

Trade Ledger UK managing director Roger Vincent added, “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.”

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