Virgin Money has announced a new fintech partnership with Expend, adding an Expense Management service to its new commercial banking proposal.
The bank’s offer to business customers on a current account is being transformed with its improved digital-first proposal that will offer services – such as Expend – to help customers run their businesses successfully.
Expend has designed its service to be a one-stop-shop to enable SMEs and employees to submit and manage their expenses. This saves companies time, increases efficiency and increases the transparency of their business expense process.
Based in London, fintech launched in 2015 and has 20 employees. The platform is designed to be fully scalable and has a range of features for all small businesses at different stages of the business life cycle.
Graeme Sands, Interim Head of Business Banking at Virgin Money, said: “Expend offers a service that we know will provide real value to our customers. Companies want to be able to perform tasks faster and more efficiently – and this expense management service is exactly that kind of help , many of them need.Not only will it solve a core business problem, but it will also enrich the data they have and provide an accurate overview of their expenses.
“Working with our fintech partners plays a crucial role in transforming our commercial bank. We have a new market-leading current account for SMEs, M Account for Business, and much more is on the way in 2022. We are really proud of the work we do with our fintech partners that help us help our customers run their business in the best way. ”
Johnny Vowles, Founder and CEO of Expend, said: “This partnership with Virgin Money is a real statement of our intention to bring powerful consumption and expenditure management tools into the hands of small and medium-sized businesses. To be a part of this innovative project with Virgin Money is the perfect way for us to advance our mission of truly automating complex processes for businesses to help maximize their time and money savings.
Expend aims to help close the gap between banking and accounting by simplifying things for businesses, helping companies better understand their financial position, and thus enabling them to trade on this information effectively.
Historically, spending has been cumbersome and tedious. As a pioneering Fintech, Expend is changing that with our quest to improve customer experiences with our financial products. By working closely with Virgin Money, we will accelerate that process. “