Virgin Money
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Virgin Money

Virgin Money
Private (Limited liability)
Founded3 March 1995 (1995-03-03)[1]
FounderRichard Branson
Headquarters,
Area served
United Kingdom
Australia
South Africa
ServicesFinance
Banking
Mortgages
OwnerVirgin Group and others
Websitewww.virginmoney.com

Virgin Money is a financial services brand used by three independent brand-licensees worldwide. Virgin Money branded services are currently available in Australia, South Africa and the United Kingdom. Virgin Money branded services were formerly offered in the United States.

Each Virgin Money branded entity acts independently from the others, thus the products vary from country to country.

Current brand licensees

Virgin Money Australia

Virgin Money currently has operations in Australia with 150,000 customers.

Virgin Money South Africa

Virgin Money currently has operations in South Africa. In 2006, Virgin Money South Africa launched with a credit card initially in a partnership with ABSA worth $33 million.[2]

Virgin Money UK

A former Northern Rock branch now in Virgin Money branding in Leeds.

Virgin Money currently has operations in the United Kingdom with 4 million customers.[3] The company was initially established as a personal finance company under the name of Virgin Direct in 1995, and the Virgin Money brand itself was introduced in 2000. Virgin Money vastly increased its size and customer base in 2012 with the purchase of the so-called 'good bank' portion of the nationalised Northern Rock bank.

In 2018 the entire UK operation of Virgin Money was sold to the Clydesdale and Yorkshire Banking Group in a £1.7bn all-share deal which made the Group the sixth-largest bank in the UK.[4]

Former brand licensees

Virgin Money US

In 2007, Virgin Money launched in the USA after the Virgin Group made a majority stake investment in CircleLending, a company that facilitated peer-to-peer loans.[5] Virgin Money USA entered into dissolution on 1 November 2010, and is no longer listed as a Virgin property on the Virgin Money home page; the Virgin Money US site itself was also dismantled.[6][7][8] Virgin Money subsequently withdrew entirely from the US market[9] and its social lending servicing was transferred to its servicing partner, Graystone Solutions, which continues to service the social loans under its own brand.

Corporate identity

The former logo of all Virgin Money operations

Virgin Money's logo is focused around the main logo of Virgin Group, which is an underlined word 'Virgin' in a red and magenta gradient coloured circle. This logo was introduced in January 2012 to signify the purchase of Northern Rock, which used a magenta logo. Some versions of the logo use a plain red circle, such as the variant used frequently in South Africa.

Virgin Money's older logo was the word 'Virgin' in a red rounded skew rectangle, similar in shape to a credit card, followed by the word 'Money'. This logo remains in use in South Africa. The previous logo had used a red logo with the word 'Virgin' in a large circle and three smaller circles above the word 'Money'. Virgin Direct's logo had been a more simplistic rendering of the company name, in white on top of a red rectangle with a semicircle attached on the left side.

References

  1. ^ "Case Studies Heat Virgin Direct" (PDF). Target Four. Archived from the original (PDF) on 17 April 2012. Retrieved 2012. 3rd March 1995, in partnership with Norwich Union, Virgin Direct launched with its first product
  2. ^ "Absa, Virgin in $33m venture - South Africa.info". Archived from the original on 20 April 2006. Retrieved 2013.CS1 maint: BOT: original-url status unknown (link)
  3. ^ "Virgin Money acquires Northern Rock". Virgin Money UK. 17 November 2011. Retrieved 2013.
  4. ^ "Virgin Money bought by CYBG for £1.7bn". BBC online.
  5. ^ "CircleLending Becomes Virgin Money USA; Gets Makeover and Millions in Funding". TechCrunch. 16 October 2007. Retrieved 2010.
  6. ^ "Virgin Money". Virgin Money. 10 November 2010. Retrieved 2010.
  7. ^ "Delaware Division of Corporations". State of Delaware. 10 November 2010. Retrieved 2010.
  8. ^ "Virgin Money US". Virgin Money US. 29 October 2010. Archived from the original on 11 October 2007. Retrieved 2010.
  9. ^ "Virgin Money Closes Shop in the U.S., Victim of Bad Timing". American Banker. 2 December 2010.

External links


  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.

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