Spot Money SA (Pty) Ltd. is a South African mobile banking platform. The company launched as Virgin Money South Africa in 2006, as a partnership between

Virgin Group Virgin Group Ltd. is a British multinational venture capital conglomerate founded by Richard Branson and Nik Powell in February 1970. Virgin Group's date of incorporation is listed as 1989 by the Companies House, who class it as a holding c ...

(owners of the

Virgin Money Virgin Money is a financial services brand used by two independent brand-licensees worldwide from the Virgin Group. Virgin Money branded services are currently available in Australia and the United Kingdom. The brand formerly operated in South Af ...

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. The Spot app is operated in association with

Bidvest Bank Bidvest Bank, (BVBL), is a business bank in the Republic of South Africa. It is licensed as a "locally-controlled bank" by the Reserve Bank of South Africa, the national banking regulator. It is a niche bank specialising in foreign exchange ...

References

External links

* {{official, https://spotmoney.com/ Banks of South Africa South African companies established in 2006 Virgin Money