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Spot Money
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] HistoryThe 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] References
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