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Virgin Money Launches Digital Wealth Platform with Leverage from Leading Financial Services Facilitator FNZ

UTC by Tolu Ajiboye · 3 min read
Virgin Money Launches Digital Wealth Platform with Leverage from Leading Financial Services Facilitator FNZ
Photo: Virgin Money UK / Facebook

Virgin Money has launched a digital platform that caters comprehensively to first-time and professional investors. 

Virgin Money has launched a digital retail wealth management platform for traders through a joint venture partnership. The Virgin Group financial services brand partnered with British-based global investment platform Abrdn to grant investor access to various investment funds. Virgin Money also leverages technology from FNZ for its digital platform initiative. First-time and seasoned investors will have online and mobile access to three investment choices within an ISA or GIA.

The three available funds within the Individual Savings Account or General Savings Account will invest in different asset types. Although these asset categories depend on the user’s risk profile, the investible funds prioritize companies based on track record. According to reports, the focus will be on firms with good Environmental, Social, and Governance (ESG) credentials.

Execs Comment on Latest Virgin Money Digital Platform Scheme

Virgin Money Investments chief executive officer Jonathan Byrne weighed in on the digital platform initiative, explaining:

“The world of investments can be daunting and complex for many people. That’s why we’ve designed our new investment service to make it easy and understandable for everyone. Whether you’re an experienced investor or are giving it a go for the first time, this new service will help to give you the required confidence to make the most of your money.”

Byrne added that customers new to investing would have access to a new online investment coach. According to the Virgin Money Investments CEO, this coaching tool gives people the resources they need to discover their “inner investor.”

Alastair Conway, FNZ chief executive for the UK, Middle East & Africa also enthused at the prospects of the Virgin Money partnership. In Conway’s own words:

“We are delighted to have partnered with Virgin Money to deliver this exciting digital investment platform. Technology is at the core of this, and pairing our capabilities with the team, world-class brand, and distribution strength of Virgin Money will allow us to accelerate our mission and scale the delivery of our solutions.”

In addition to a front-end user experience, FNZ also provided Virgin Money with a slew of other operational resources. These include back-end operations, investor administration as well as contact center solutions. Meanwhile, Virgin Money plans to upgrade and expand the platform in the future, including onboarding an incoming pension product.

Virgin Money 2022 Digital Affordability Platform

In February 2022, Virgin Money partnered with Paylink Solution to enhance customer information provision on income and expenditure (I&E). At the time, Virgin Money described the scheme as part of a new digital affordability platform for customers who have fallen into arrears.

The platform also featured Credit Referencing Agency (CRA) integration for optional access to import other credit commitments. According to Virgin Money, these enhancements should give customers a holistic perspective of their financial situation.

In other Virgin Group-related news, the company’s Virgin Orbit (NASDAQ: VORB) filed for Chapter 11 Bankruptcy in the US early last week.

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