Company type | Ltd |
---|---|
Industry | Banking |
Predecessor | Virgin Money South Africa |
Founded | 2006 | in South Africa
Headquarters | , South Africa |
Key people | Andre Hugo (CEO) |
Website |
spotmoney |
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 (owners of the Virgin Money brand) and Absa, as an issuer of credit cards. [1] The 50-50 joint venture was worth R240 million at the time of launch. [2] By 2013 Virgin Money's customers had R1 billion in total credit. [3] Virgin Money SA launched their Spot app cashless platform in February 2018. [4] As of July 2019 the Spot app had 400,000 users. [5]
Following the discontinuation of the Virgin Money South Africa credit card, [6] the company and app was acquired by its management and a local private equity company, [7] and renamed Spot Money. [8] The 118,000 former credit card customers, with R750 million in total credit, were transferred to Absa's own credit card offering. [4]
The Spot app is operated in association with Bidvest Bank. [9]