 The logo of Spot Money | |
| Company type | Limited company |
|---|---|
| Industry | Banking |
| Predecessor | Virgin Money South Africa |
| Founded | 2006 in South Africa |
| Headquarters | , |
Area served | South Africa |
Key people | Andre Hugo (CEO) |
| Website | spotmoney |
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]
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]