Trade Ledger (TL) a London based FinTech that aims at accelerating and transforming business finance, particularly mid-market lending and SME with the combination of technology and insights and allows them to expand their business and generate revenue.
The fintech company unveiled it has landed into a three-year contract with Virgin Money to help excel its capabilities of business lending. The collaboration intends to minimize loan applications process timing from 5 days to 20 minutes and sparing enough time to relationship manager reinvest with consumers.
Graeme Sands, Head of Business Lending and Products, Virgin Money, expounded, “Virgin Money is focused on creating digital customer experiences that offer speed, simplicity and efficiency. Trade Ledger enables us to achieve that through its ability to aggregate application, accounting and business credit data, allowing us to deliver significant improvements in the speed of application processing while continuing to effectively manage risk. Importantly, the efficiencies the Trade Ledger platform will deliver also mean that our relationship managers will be able to focus more on supporting customers where it’s most needed, rather than being involved in time-consuming manual processes.”
Virgin Money a UK-based bank provides extensive personal and business banking offerings. It works with a digital-first approach that renders prominent online and mobile services. It serves world-class banking experience to its consumers in mortgage and other banking services.
Roger Vincent, Global VP, Sales, Trade Ledger, included, “Our goal is to give digital-first banks like Virgin Money the ability to reimagine working capital for the digital economy. Our platform will help Virgin Money offer the right product to customers in an efficient process that reflects the critical nature of business lending.”
Trade Ledger serves commercial banks financial service providers with its lending-as-a-service (LaaS) solution that helps them access all sorts of business lending products and capital. Virgin Money will be able to offer more efficient service in less time using the platform of TL.