{{Short description|South African online banking company}} {{Infobox company | name = Spot Money | logo = Spot-pill-logo.png | logo_caption = The logo of Spot Money | logo_alt = | type = Limited company | industry = Banking | predecessor = Virgin Money South Africa | founded = {{Start date and age|2006}} in South Africa | founder = <!-- or: | founders = --> | defunct = <!-- {{End date|YYYY|MM|DD}} --> | fate = | successor = <!-- or: | successors = --> | hq_location_city = Cape Town | hq_location_country = South Africa | area_served = South Africa | key_people = Andre Hugo (CEO) | products = | owner = <!-- or: | owners = --> | num_employees = | num_employees_year = <!-- Year of num_employees data (if known) --> | parent = | website = {{URL|https://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.<ref>{{cite web |title=Spot Help Center |url=https://help.spotmoney.com/hc/en-us |website=help.spotmoney.com |access-date=8 August 2021}}</ref>
== History == 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.<ref>{{cite news |title=Absa brings Virgin Money to SA |url=https://www.news24.com/Fin24/Absa-brings-Virgin-Money-to-SA-20060411 |access-date=8 August 2021 |work=Fin24}}</ref> The 50-50 joint venture was worth R240 million at the time of launch.<ref>{{cite news |title=Virgin Money takes off in SA |url=https://www.iol.co.za/business-report/companies/virgin-money-takes-off-in-sa-734421 |access-date=8 August 2021 |work=www.iol.co.za |language=en}}</ref> By 2013 Virgin Money's customers had R1 billion in total credit.<ref>{{cite news |title=Virgin Money eyes retail banking in South Africa |url=https://www.businesslive.co.za/archive/2013-02-27-virgin-money-eyes-retail-banking-in-south-africa/ |access-date=8 August 2021 |work=BusinessLIVE |language=en-ZA}}</ref> Virgin Money SA launched their Spot app cashless platform in February 2018.<ref name="virdis">{{cite news |title=Richard Branson’s Virgin Money is shutting down its SA credit card |url=https://www.businessinsider.co.za/virgin-money-discontinues-its-branded-credit-card-in-south-africa-2020-8 |access-date=8 August 2021 |work=BusinessInsider}}</ref> As of July 2019 the Spot app had 400,000 users.<ref>{{cite news |title=Virgin Money Spot is taking on Snapscan in South Africa - and it already has 400,000 users |url=https://www.businessinsider.co.za/virgin-money-spot-zero-fee-cash-less-platform-qr-code-standard-bank-snapscan-2019-7 |access-date=8 August 2021 |work=BusinessInsider}}</ref>
Following the discontinuation of the Virgin Money South Africa credit card,<ref>{{cite news |title=Absa launches digital bank Spot Money in South Africa |url=https://www.fintechfutures.com/2021/02/absa-launches-digital-bank-spot-money-in-south-africa/ |access-date=8 August 2021 |work=FinTech Futures |date=2 February 2021}}</ref> the company and app was acquired by its management and a local private equity company,<ref>{{cite news |last1=Doyle |first1=Kirsten |title=Spot Money debuts open banking offering in SA |url=https://www.itweb.co.za/content/LPwQ57l6pdNqNgkj |access-date=8 August 2021 |work=ITWeb |date=27 January 2021 |language=en}}</ref> and renamed Spot Money.<ref>{{cite web |title=We've Changed Our Name |url=https://virginmoney.co.za/weve-changed-our-name/ |website=Virgin Money |access-date=8 August 2021}}</ref> The 118,000 former credit card customers, with R750 million in total credit, were transferred to Absa's own credit card offering.<ref name="virdis"/>
== 2026 Service Disruption == On 1 March 2026 at approximately 18:00, Spot Money reported a service disruption affecting transactions across its platform. The company stated that the incident impacted certain payment and card services, resulting in failed or delayed transactions for some users. As of 3 March 2026, the disruption was still ongoing while technical teams investigated the issue and worked to restore normal service.<ref>{{cite web |title=Service Update: Ongoing Transaction Disruption |url=https://spot.co.za/service-update-ongoing-transaction-disruption/ |website=Spot Money |publisher=Spot Money |date=1 March 2026 |access-date=7 March 2026 |archive-url=https://web.archive.org/web/20260306231205/https://spot.co.za/service-update-ongoing-transaction-disruption/ |archive-date=6 March 2026 |url-status=live}}</ref>
== References == {{reflist}}
== External links == * {{official|https://spotmoney.com/}}
Category:Banks of South Africa Category:South African companies established in 2006 Category:companies based in Cape Town Category:Virgin Money