Virgin Money builds digital proposition for new business current account offer with FinTech partnership
Virgin Money has announced a new strategic FinTech partnership with Glasgow-based Redspire, to support the development of its digital proposition for the new Virgin Money Business current account.
Redspire is a Microsoft Gold Partner for Cloud Business Applications and the company will support the development of new digital solutions, as part of Virgin Money’s commitment to the recent £35m award from the Banking Competition Remedies (BCR) Capability and Innovation Fund.
Virgin Money has created a ‘Working Capital Health’ proposition, which will transform its existing business current account offering into a financial wellness tracker for SMEs and combine dynamic views across an SME’s working capital cycle, with a set of working capital solutions, all backed up by proactive relationship management and a unique ecosystem of capability partners. Redspire is the second of these partners to be announced, and they will also work alongside the Bank’s key strategic technology partner, Microsoft.
Gavin Opperman, Group Business Director at Virgin Money, 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 Respire 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.”
Redspire specialise in customer engagement and intelligence platform integration and solutions. They work collaboratively with organisations to drive future-proofing digital transformation, improved processes and help businesses to understand and engage with teams, customers, clients and partners.
Billy Lyle, CEO at Redspire, and engagement lead with Virgin Money, said “We’re delighted to be announced as Virgin Money’s technology partner, alongside our own partners at Microsoft. It’s been a year like no other for all businesses in the UK, but Virgin Money have shown real adaptability and resilience, as well as commitment to delivering for their customer base. Years’ worth of digital transformation has taken place in months rather than in years in 2020. My team is excited to continue to drive meaningful change with the limitless power of the Microsoft stack.”
Andrew Falconer, Programme Sponsor at Virgin Money added: “Redspire typify the kind of business we aim to partner with. Focussed entirely on the customer, they bring creativity and imagination to the development of solutions, and have shown an enormous degree of flexibility and commitment to supporting Virgin Money change the landscape for SME banking in the UK.”
The launch of Virgin Money Business will mark the arrival of the Virgin brand into the business current account market for the first time. Alongside additional large-scale investment, it will enable the Group to become a true disruptor in the SME banking market and offer UK customers a meaningful alternative to the incumbent banks.