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Summary
- Financial services company Virgin Money will tie-up with fintech data company Life Moments to develop its ESG focused offerings for its business banking clientele.
- This is the latest technology partnership deal by Virgin Money to help develop its working capital health proposition.
- The company had recently signed technology partnership agreements with fintech companies Codat and Redspire.
UK-based financial services company Virgin Money (LON:VMUK) has announced an expanded partnership agreement with British fintech data company Life Moments to help develop sustainability focused tools for its business banking clientele. The deal aims to provide the bank’s customers with an environmental, social and governance (ESG) based benchmarking system for SME loans and other offerings. Life Moments has been a technology partner with the lending company since early 2020.
Deal details
The deal comes at a time after Virgin Money signed a couple of recent technology partnerships to help develop its working capital health proposition. The deal with Life Moments is expected to be launched in autumn season this year, which aims to transform and streamline Virgin Money’s business current account.
The bank company signed a partnership agreement with another UK-based fintech data company Codat on 1 February to develop safe and seamless data exchange between the company and its customers to provide insights for the bank’s upcoming SME wellness tracker, offer data-driven insights for relationship managers, and other activities. The company had also announced a strategic deal with Scotland-based fintech company Redspire in November 2020.
Read more: Virgin Money UK Reported First Quarter Update
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ESG commitment
The latest agreement with Life Moments is also expected to contribute towards the FTSE 250 listed company’s ESG related commitments. The company aims to reduce its carbon emissions across all lending activities by at least 50 per cent by 2030.
It also aims to increase lending in its business banking division and for part of its BCR commitments by an additional £2.2 billion by the end of 2025 and an additional £0.5 billion by the end of 2022. The company aims to issue more than £100 million of new loans to clients focused on ESG related goals.
Share performance
The company’s (LON:VMUK) stock prices closed at GBX 189.80, up by 3.26 per cent as of 1 March. Currently, the stock is trading marginally in red at GBX 188.10 (10:07 AM GMT+1)
