Virgin Money has partnered with New Zealand-based fintech, 9Spokes, to support the development of its business banking proposition.
This partnership will be at the heart of Virgin Money’s working capital health proposition, which is set to launch later this year. The new proposition will transform its existing business current account offering and provide customers with a personalised financial wellness tracker.
Gavin Opperman, Group Business Director at Virgin Money, said: “As we develop our transformed business current account, we have brought together knowledge through partnerships with pioneering fintechs. The skills, expertise, and technology that 9Spokes brings are crucial to our mission to deliver an innovative business banking proposition.
“The 9Spokes team’s approach and shared vision to enable our small business customers to understand their company’s financial health make them a perfect fit to help bring our new proposition to life.”
Adrian Grant, Co-founder and Chief Executive of 9Spokes, said: “To be selected as a technology partner with Virgin Money is testament to 9Spokes’ relevance in today’s quickly evolving market. It validates our proposition, our products, and notably our team, which is committed to delivering an essential service to digitally-mobilised SMEs and strengthening that intrinsic SME-bank relationship.
“Already, we have had the opportunity to collaborate with the Virgin Money team on their wellness tracker and along the way, we have worked and integrated with some of their key technology partners — including Codat and Fluidly.
“The work undertaken to date has enabled us to highlight how we’re building on our robust data infrastructure — propositions such as Monitor, which enter that core banking segment.
“But this is simply the beginning. We’re committed to ongoing platform and marketing innovations, and the long-term roadmap is exciting, to say the least. We’re looking forward to developing the partnership and, together, our proposition over the coming years.”