Virgin Cash has partnered with lending expertise agency Commerce Ledger to construct out its enterprise banking capabilities.
By the partnership, Virgin Cash hopes to supply a faster, extra environment friendly service to its prospects whereas lowering threat.
The financial institution is initially deploying Commerce Ledger throughout enterprise time period loans, asset finance and bill finance.
Commerce Ledger says its platform has a Lending-as-a-Service (LaaS) functionality, supporting secured and unsecured lending. It provides this will unlock “all forms of working capital and enterprise lending merchandise”.
The partnership is a part of its dedication to its £35 million award from the Banking Competitors Treatments (BCR) Functionality and Innovation Fund.
“Buyer expertise is vital as we put together to deliver our enterprise banking proposition to the market,” says group enterprise director at Virgin Cash, Gavin Opperman.
Virgin Cash ranks because the sixth-largest financial institution within the UK, with round 6.6 million prospects. The financial institution constructions its providers round private accounts, mortgages and enterprise accounts.
In November 2020 the lender revealed a loss after tax of £141 million, due partially to half a billion in dangerous mortgage expenses.
Roger Vincent, UK managing director at Commerce Ledger, says Virgin Cash recognises “the worth in utilizing knowledge to reimagine working capital for the digital economic system”.
He provides: “Our partnership will assist to get capital to the companies who actually need it at a crucial time.”