Virgin Money partners with Trade Ledger
UK-based bank Virgin Money has partnered with Trade Ledger , a global technology provider for the commercial banking and financial services industry. Trade Ledger’s platform has a lending-as-a-service (LaaS) capability, supporting secured and unsecured lending, to unlock all types of working capital and business lending products for businesses that otherwise find access to finance difficult.
Through this partnership, Virgin Money will be able deliver a quicker and more user-friendly experience for business customers applying for lending. By using Trade Ledger’s platform, which analyzes data and automates a wide range of key lending processes, Virgin Money will be able to provide a quicker, more efficient service to its customers while reducing risk. The initial Trade Ledger products in scope for the Virgin Money Working Capital Health proposition include business term loans, asset finance and invoice finance.
“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.”- Gavin Opperman, Group Business Director at Virgin Money.
“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 recognize 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.” – Roger Vincent, UK Managing Director at Trade Ledger.
