Spot Money

South African online banking company

Spot Money

The logo of Spot Money

Company type| Limited company
Industry| Banking
Predecessor| Virgin Money South Africa
Founded| 2006; 19 years ago (2006) in South Africa
Headquarters|

Cape Town

South Africa

Area served

| South Africa

Key people

| Andre Hugo (CEO)
Website| spotmoney.com

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.[1]

## History

[edit]

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.[2] The 50-50 joint venture was worth R240 million at the time of launch.[3] By 2013 Virgin Money's customers had R1 billion in total credit.[4] Virgin Money SA launched their Spot app cashless platform in February 2018.[5] As of July 2019 the Spot app had 400,000 users.[6]

Following the discontinuation of the Virgin Money South Africa credit card,[7] the company and app was acquired by its management and a local private equity company,[8] and renamed Spot Money.[9] The 118,000 former credit card customers, with R750 million in total credit, were transferred to Absa's own credit card offering.[5]

## References

[edit]

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. ^ a b "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

[edit]

* Official website