Virgin Money has announced a strategic partnership with Dundee-based app development company Waracle to support the development of its digital proposition for the new Virgin Money Business current account.
The mobile and digital solutions business will help the bank will develop customer apps with a particular focus on financial wellbeing.
The work is part of Virgin Money's transformation of its existing business current account offering into a financial wellness tracker for small businesses, laid out in a commitment to the recent £35m award from the Banking Competition Remedies Capability and Innovation Fund.
Gavin Opperman, group business director at Virgin Money, said: “The skills and capabilities which Waracle provide are very much in demand and are vital in helping us develop our innovative business banking proposition, both in terms of what we deliver and how we deliver it.
“Waracle is a strong Scottish-based company and we’ve partnered with them previously on the creation of our augmented reality Currency Converter, which was a great success."
Mike Wharton, co-founder and chief technology officer at Waracle, said: “It’s tough times for businesses and the innovative banking proposition Virgin Money is bringing onto the market to help the business community thrive couldn’t come at a better time."
The launch of Virgin Money Business is the brand's first move into the business banking market.
Late last month, the company also announced a strategic IT partnership with Glasgow-based Redspire to support the digital development of its its new business current account.
Derek Smith, head of digital solutions at Virgin Money, said: “Collaborating with fintechs is a huge part of our overall strategy and we value the input our partners bring to the table.
"In Scotland, fintech’s are really driving innovation and are transforming the customer experience - we are delighted to have Waracle on our team as we prepare to deliver our Working Capital Health proposition to the market.”
