Virgin Money has partnered with Strands to launch a free, full money management package to support small business customers with their day-to-day financial operations and ensure they have a complete view of their past, current and future financial position.
In partnership with fintech Strands, the bank and Mastercard issuer will aim Money Management at empowering small business owners with under GBP 1 million annual turnover to take control of their finances. Powered by Artificial Intelligence, the new digital platform, Money Management, provides a personalised banking experience allowing Virgin Money’s Business Current Account customers to make more informed financial decisions.
Sue Douthwaite, Small and Medium Business Director at Virgin Money, said:
“As a nation packed with almost six million SMEs, representing 99% of all businesses, it is so important that they have all the tools to help them succeed, particularly in today’s climate where pressure is coming from all sides. The easier it is for SME owners to juggle day-to-day operations and cashflow, the more time they have to plan their future growth.
“The Money Management package is a ‘one-stop shop’ service that gives busy business owners a holistic view and a better understanding of their finances, while providing them with a simple, user-friendly experience, all in one place to help them make smarter business decisions aided by the confidence that comes from foresight and planning.
“We are committed to working with our customers to support their long-term development and growth, and Money Management is an excellent addition to the features and capabilities our customers have access to, completely free of charge.
“These last few months has been extremely difficult and many of our smaller customers have taken on lending for the first time to ensure their business survives the pandemic. This tool will give them an instant overview of their finances to allow them to manage and plan accordingly, which will allow them to operate more efficiently.”
Erik Brieva, CEO at Strands, said:
“We’re delighted to partner with Virgin Money, one of the most innovative and customer-centric banks in the UK, with a strong emphasis on digital excellence. By leveraging the power of AI, Virgin Money is equipping SME owners with a truly comprehensive and personalised banking solution, as well as positioning itself as a trusted financial advisor to its customers.”
The free tool is accessed through the Bank’s online desktop business platform and is underpinned by 24-hour chat support with a dedicated web team, to help customers manage their accounts, according to the official press release.
