Misplaced Pages

Spot Money is a South African mobile banking company, that provides bank accounts, debit and credit cards using an app. The Spot app is operated in association with Bidvest Bank.

History

The company launched as Virgin Money South Africa in 2006, as a partnership between Virgin Group (owners of the Virgin Money brand) and Absa, as an issuer of credit cards. The 50-50 joint venture was worth R240 million at the time of launch. By 2013 Virgin Money's customers had R1 billion in total credit. Virgin Money SA launched their Spot app cashless platform in February 2018. As of July 2019 the Spot app had 400,000 users.

Following the discontinuation of the Virgin Money South Africa credit card, the company and app was acquired by its management and a local private equity company, and renamed Spot Money. The 118,000 former credit card customers, with R750 million in total credit, were transferred to Absa's own credit card offering.

References

1. "Spot Help Center". help.spotmoney.com. Retrieved 8 August 2021.
2. "Absa brings Virgin Money to SA". Fin24. Retrieved 8 August 2021.
3. "Virgin Money takes off in SA". www.iol.co.za. Retrieved 8 August 2021.
4. "Virgin Money eyes retail banking in South Africa". BusinessLIVE. Retrieved 8 August 2021.
5. ^ "Richard Branson's Virgin Money is shutting down its SA credit card". BusinessInsider. Retrieved 8 August 2021.
6. "Virgin Money Spot is taking on Snapscan in South Africa - and it already has 400,000 users". BusinessInsider. Retrieved 8 August 2021.
7. "Absa launches digital bank Spot Money in South Africa". FinTech Futures. 2 February 2021. Retrieved 8 August 2021.
8. Doyle, Kirsten (27 January 2021). "Spot Money debuts open banking offering in SA". ITWeb. Retrieved 8 August 2021.
9. "We've Changed Our Name". Virgin Money. Retrieved 8 August 2021.

External links

• Official website

• Banks of South Africa
• South African companies established in 2006
• Companies based in Cape Town
• Virgin Money