Virgin Money

Office address: Level 9, 126 Phillip Street, Sydney NSW 2000
Website: www.virginmoney.com.au
Year established: 2003
Company type: financial services
Employees: 51-200
Expertise: everyday banking, credit cards, home loans, superannuation, life insurance, income protection, home & contents insurance, car insurance, travel insurance
Parent company: Bank of Queensland Group
CEO and key people: Greg Boyle, CEO
Financing status: corporate backed or acquired

Virgin Money Australia, also known as Virgin Money, is a financial services entity under the global Virgin brand. Owned by the Bank of Queensland (BOQ) Group, the company offers clear and simple transactions and great customer service. Its products and services are backed by Virgin Money’s long-standing partners like NAB, BOQ, TAL, Mercer, Allianz, Worldwide Partners, and Auto & General. 

History of Virgin Money

Virgin Money Australia, along with the launch of Virgin Money credit cards, was founded in 2003. Initially partnering with Macquarie Bank during its establishment, it went on to partner with Westpac under a five-year agreement.

Virgin Money’s first products in its earlier years included the no annual fee credit card, the first of its kind in Australia. Thie Virgin Credit Card was discontinued after its agreement with Westpac ended in 2008.

After Virgin Money withdrew some of its products due to the financial crisis of 2007-08, it launched its new line of credit cards in 2010. The company was sold to the Bank of Queensland for $40 million in 2013.

Products and Services of Virgin Money

Virgin Money offers an array of financial products and services, accessibility and rewards benefits. Key offerings include:

• bank & save: featuring transaction and savings accounts like the Virgin Money Go Account, which comes with a Boost Saver account, providing opportunities to earn Virgin Money Points on purchases, direct debits, and BPAY payments
• credit cards: a range of credit cards offering ease of management through the Virgin Money app, alongside rewards and benefits designed to enhance customer value
• home loans: competitive home loan options designed to meet diverse borrower needs, with features aimed at refinancing and managing home financing effectively
• insurance: comprehensive insurance products, including car, home, life, and income protection insurance, underscore Virgin Money's commitment to safeguarding customers' assets and well-being
• superannuation: Virgin Money Super, part of the Mercer Super Trust, offers a straightforward superannuation plan with a focus on low fees and simple, effective investment options

Culture at Virgin Money

Virgin Money adopts the principles and values of the Virgin Group, putting emphasis on simple transactions and maintaining a great customer service. As a part of the global Virgin brand, they believe in providing banking with benefits. They make sure their customers get rewarded with points, discounts, and other offers.

Virgin Money also upholds Virgin founder Richard Branson’s beliefs about business, life, and philanthropy by regularly sharing his videos and quotes.

About Virgin Money CEO Greg Boyle

Greg Boyle has served as the CEO of Virgin Money Australia since 2015. He was a corporate lawyer for 5 years until he became Virgin Management’s associate director, then CEO. His areas of expertise include:

• strategy and corporate development
• joint ventures and alliance
• mergers & acquisition
• product marketing

Boyle attended St. Columban’s College and the London Business School. He holds a degree in Law and Business from Queensland University of Technology.

The Future at Virgin Money

Virgin Money, with the corporate backing of the BOQ Group and other strategic partnerships, is set to make more financial and customer-related ventures in the future. Its focus on delivering simple, rewarding financial products and customer service, as per Virgin's global standards, will continuously garner support from Australians. Virgin Money Australia’s newly developed mobile app will also enable the company to have a more convenient and accessible platform to serve its customers.