If there’s one thing that became crucial to SMBs in 2020, it was the ability to manage cashflow in order to meet any unexpected costs upfront or stay afloat when income thins out. With this in mind, Virgin Money recently announced that it has partnered with cash-flow-management fintech Fluidly to develop the bank’s latest offering for smaller businesses.
Fluidly has become well-known for its successful all-in-one finance tool for businesses that has fundamentally reimagined how businesses will plan their finances, from cashflow to funding. This will become particularly handy for Virgin Money’s SMB clientele and it was shared that the bank will use Fluidly’s cashflow and scenario planning tools to aid business owners in gaining a better picture of how their finances are performing to help them plan ahead. Fluidly will also be supplying data-driven cashflow insights for the bank’s relationship managers. This partnership follows a massive run of growth for Fluidly, which saw a 60% increase over the last three months alone.
Today, Fluidly works with over 800 accounting practices. Speaking on this, Gavin Opperman, Group Business Director at Virgin Money, said, “As we move towards the launch of our working capital health proposition in the autumn, which will transform our business current account offer, the positive impact and contribution of our fintech partners has been clear.” Fluidly is only the latest company to join Virgin Money’s growing list of fintech partnerships which already includes Life Moments, Codat, Waracle, and Redspire among its already operating collaborations.
The addition of Fluidly is a smart one if Virgin intends to offer something of significant value to its smaller business cohort of clientele. With cashflow management coming out as a key priority for survival-oriented businesses to stay atop of dicey waters, this partnership will provide a useful solution where it’s needed the most. With Fluidly’s mission being, “to help small businesses sleep better at night,” the partnership also benefits the fintech who’ll be able to serve its mission to Virgin’s established clientele.
As Virgin accelerates in its pursuit to bring as much expertise and knowledge together as possible to help its clients, no doubt the clever and intuitive software provided by Fluidly will be a welcome addition to the list.