Virgin Money Adds Codat As New Technology Partner to Strengthen Digital Business Banking Credentials
Virgin Money recently announced it has added UK-based fintech,
Codat, to its team of technology partners as it strengthens its digital business banking credentials. Virgin Money reported that Codat’s financial technology offer will play a key role in allowing a “seamless and secure” exchange of data between Virgin Money and its business bank customers.
“The agreement is the latest partnership from the Bank as it continues to develop its Working Capital Health proposition, which aims to transform the Bank’s existing business current account and forms part of its commitment relating to the recent £35 million award from the Banking Competition Remedies (BCR) Capability and Innovation Fund.”
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Business lender Tide is in talks to raise up to £60 million ($80 million) in fresh funding, at a target valuation of almost $500 million, Business Insider has learned.
Founded in 2015, Tide provides loans for small- and medium-sized businesses. It has benefited from the pandemic by being approved by the UK government for coronavirus loans to businesses.
Europe s finance startups had another bumper year for funding, with $9.3 billion being raised in venture capital across the sector in 2020.
Europe s fintech sector continues to boom, with UK business lender Tide the latest startup the latest to seek fresh funding at a higher valuation.
Virgin Money has teamed up with app development firm,
Waracle, in order to support the implementation of its digital proposition for the new Virgin Money Business current account.
The Dundee-headquartered mobile and online solutions business has become well-known for its design and development of digital products and services. Through this partnership with Virgin Money, Waracle will focus on creating customer apps with a special focus on products that promote financial wellbeing.
Waracle’s experience will be key as Virgin Money works on its Working Capital Health proposition, which aims to enhance the bank’s existing business current account offering by adding a financial wellness tracker for small businesses. This latest announcement is reportedly a part of Virgin Money’s commitment to the £35 million award from the Banking Competition Remedies (BCR) Capability and Innovation Fund.