Financial services firm Octopus Money has agreed to acquire Virgin Money’s investment business, subject to UK Financial Conduct Authority (FCA ) approval.
Financial specifics of the deal remain undisclosed.
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The deal will add 150,000 customers, strengthening Octopus Money’s position as a direct-to-consumer (D2C) investing platform.
Upon deal completion, Virgin Money’s investment business will be rebranded and operate under the Octopus Money brand.
Octopus Money CEO Ruth Handcock said: “We’re thrilled to be expanding this part of the business by welcoming the brilliant team and customers from Virgin Money Investments – a company that shares our belief in making it easier for people to invest.
“Together, we’ll reach even more people with high-quality advice and straightforward, affordable investing – powered by smart technology and a human touch.”
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By GlobalDataVirgin Money Investments CEO Rich Milne stated: “I’m really excited by the opportunity this gives us to grow, build our product offering and embrace a new, iconic brand. Octopus Money shares our values and is committed to supporting customers with great service and expert, personalised support.
“Together, we’ll be able to help more customers achieve their investing goals – I am confident this next chapter will be a positive one for everyone involved.”
Octopus Money collaborates with key employers in the UK to provide one-to-one personalised support to more than 250,000 employees. The company launched its own investment platform two years ago to offer financial planning services.
According to its website, Virgin Money is a full-service bank and offers retail and business banking services.
