Fintech deal

Virgin Money partners with app developer Waracle

Virgin Money

The bank launches business account in new year

Virgin Money has signed up app development company Waracle to support the development of its new business current account.

The Dundee-based mobile and digital solutions business will develop customer apps with a particular focus on products for financial wellbeing. 

The partnership is part of Virgin’s commitment to the recent £35m award from the Banking Competition Remedies (BCR) Capability and Innovation Fund.

The fund was set up following the rescue of Royal Bank of Scotland to encourage competition in the SME banking industry as part of an agreement between the UK Government and the European Commission after RBS failed to split off its Williams & Glyn business as a new bank.

Virgin Money last month signed partnership with Glasgow fintech company Redspire working alongside Microsoft.

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, FinTechs are really driving innovation and are transforming the customer experience.”

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