Virgin Money has announced a strategic IT partnership with Glasgow-based Redspire to support the development of its digital proposition for its new business current account.
Redspire’s customer engagement and intelligence platform will help develop new digital solutions as part of Virgin Money’s commitment to the recent £35m award from the Banking Competition Remedies Capability and Innovation Fund.
Virgin Money has created a ‘Working Capital Health’ proposition, which aims to transform its existing business current account into a financial wellness tracker for small businesses, giving insight into the working capital cycle, backed by proactive relationship management and an ecosystem of capability partners.
Redspire is the second of these partners to be announced, working 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 - I look forward to working with them as we continue to build our Working Capital Health proposition.”
Redspire chief executive Billy Lyle said: “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, so my team is excited to continue to drive meaningful change with the limitless power of the Microsoft stack.”
