Virgin Money History

From technology startup to global brand, it’s been quite a ride. See some high points along the way.

2008

Loan volume exceeds $300 million in Q1
Launch of Student Payback, our first education financing product
Grew out of our space and moved to bigger headquarters, overlooking Route 128 corridor in Waltham, MA

Started the year off passing $150 million in loan volume.
Added Retirement Mortgage, our friends and family alternative to a reverse mortgage.
Received a majority stake investment from Virgin USA, the North American branded venture capital group of Sir Richard Branson.
Rebranded and relaunched the company as Virgin Money US.
Loan volume rocketed from $200M at launch Oct.15 to $250M by December.

Reached $100 million in loan volume while maintaining a default rate of less than 5% on private loans and less than 1% on private mortgages. Nice.
AuthoredInvestors in Your Backyard: How to Raise Business Capital From the People You Know. Received positive reviews from Business Week and The Wall Street Journal, among others.
Received a commendation from the Better Business Bureau for five years of complaint-free service.
Received $10M in venture capital from Venrock Associates, Bezos Expeditions and Omidyar Network

Third product launched, this one for mortgages between friends and family.
Received a commendation from the Better Business Bureau for three years of complaint-free service.
Expanded reach with new Advisor program for financial and real estate professionals; joined NAPFA.
Entrepreneur.com enlisted Asheesh (our CEO) to write a monthly column on “Start Up Financing.”

Launched our second product, this one for business loans between family and friends.
Co-authored Small Business Financing Guide with U.S. Small Business Administration SCORE.

Founded in Cambridge, Massachusetts.
Incorporated CircleLending, Inc. in July 2002.
Launched the first product for unsecured loans between family and friends aptly named 'Handshake Plus.'