Spotmoney

The story of Spotmoney.com begins not with a new startup, but with the evolution of an established player. The company originated as Virgin Money South Africa, which launched in 2006 as a partnership between Richard Branson's Virgin Group and Absa bank to issue credit cards. By 2018, this venture had launched a cashless platform called the Spot app, quickly growing its user base. A significant turning point came when the Virgin Money South Africa credit card was discontinued. In a pivotal move, the company's management, led by CEO Andre Hugo, partnered with a local private equity firm to acquire the business and its app. This transition marked a rebirth, and the company was rebranded as Spot Money, shifting its focus from credit cards to a broader digital banking experience. Under its new identity, Spot Money launched as a mobile banking company in South Africa, operating in association with Bidvest Bank. The company's strategy centered on creating a bank-neutral, open banking marketplace. This platform provides users with a transactional account with no monthly fees, and partners with various financial service providers to offer services like loans and insurance. Today, Spot Money functions as an all-in-one financial app. It allows users to make payments, transfer money, and purchase utilities, all while issuing Mastercard prepaid debit cards for wider retail transactions. By focusing on an open, marketplace-based model rather than creating all its own financial products, Spot Money aims to give South African consumers more choice and control over their financial lives.