UK bank Virgin Money has announced a FinTech partnership with Expand, an expense management tool.
In Brief:
Virgin Money is adding an expense management offering to its business banking service.
Expend enables SMEs and employees to submit and manage expenses more efficiently.
This will become part of a digital-first proposition for SMEs by Virgin Money.
What does this mean?
Expend launched in 2015 and has grown to 20 staff, aiming to be a scalable platform with various features for businesses at any stage of their journey.
More and more tools are cropping up for SMEs, which have been particularly underserved in recent years and need more support than ever to manage their cashflow amid the global pandemic.
Now, banks like Virgin Money are seeking to add services from FinTechs to their SME customers in order to compete with FinTechs and potentially “re-bundle” the many separate tools out there which can cause a headache for business owners.
