Fintech deal

Virgin signs up Redspire for business account project

Virgin Money flag 2

Virgin will be flying the flag for SMEs (pic: Terry Murden)

Virgin Money, the Glasgow-based bank, has announced a partnership with local fintech company Redspire to help it build a significant presence in the business current account market.

The bank is transforming its existing business current account offering into a financial “wellness tracker” for SMEs and Redspire will work alongside Microsoft to develop digital solutions.

The plan is to launch Virgin Money Business next year with a target of 100,000 SME customers by the end of 2025 (20,000 by the end of 2022).

Backed by additional large-scale investment, Virgin believes the group can become a disruptor in the SME banking market.

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