Need to Know
- Codat will facilitate the secure exchange of data between Virgin Money and its business banking customers.
- The London-based fintech will also lend its analysis tools to Virgin’s wellness tracker for small- to medium-sized businesses, set to roll out this year.
- Virgin Money’s wellness tracker is part of its commitment to a recent £35 million award from the Banking Competition Remedies (BCR) Capability and Innovation Fund.
As it grows its business banking credentials, Virgin Money has partnered with British fintech Codat to help facilitate data exchange between the bank and its customers.
In addition to allowing the secure exchange of information, Codat will help enable the analysis that Virgin Money plans to offer as part of its soon-to-launch wellness tracker for small- to medium-sized businesses. The tracker, which will launch this year, is part of Virgin Money’s working capital health proposition, which is a commitment connected to a recent £35 million (approximately $47.84 million) Banking Competition Remedies Capability and Innovation Fund award.
“Our working capital health proposition will be unique to the business banking market and Codat is an important ingredient which will help us realize our ambitions in this area,” said Gavin Opperman, group business director at Virgin Money. “A key part of our approach is collaboration with external partners like Codat, bringing expertise and knowledge to help build a compelling customer proposition. By introducing clever, intuitive software, customers will have a new level of insight to help them understand their own business, allowing them to manage efficiently and grow their operations.”
Codat’s technology links the technology inside of small- and medium-sized businesses to banks, financial institutions, and fintechs, allowing corporate information to be exchanged live. Virgin Money is investigating more use cases for Codat’s technology outside of the ones announced this week.
Virgin Money plans to launch its Virgin Money Business program later this year, with the goal of signing on 20,000 small to medium-sized business customers by the end of 2022, and 100,000 by the end of 2025. Virgin Money currently has 6.4 million customers in the UK, and offers a digital-first approach to banking, leveraging cloud services and prioritizing flexibility and frictionless customer service.