Octopus Money today announced that it has agreed to purchase Virgin Money’s investment business, subject to FCA approval – a move that will significantly accelerate its growth in the direct-to-customer (D2C) wealth market.
The deal will add 150,000 customers to Octopus Money’s fast-growing business. Once completed, it will strengthen Octopus Money’s position as the only D2C investing platform in the UK to combine digital access to investments with human-led financial planning that’s accessible to all.
Transition planning is already underway and completion will take place following receipt of the necessary regulatory approvals. Virgin Money’s investment customers will continue to be supported by their existing teams, with no changes to their service.
Octopus Money was founded to give people greater clarity and confidence about their financial future – and to close the gap that’s left millions without access to 1-to-1 money advice. Two years ago, it launched its own investment platform – offering simple, low-cost ways to manage savings and investments, closely integrated with financial planning. Since then, tens of thousands have started investing through the platform, with many going on to build long-term plans with Octopus Money’s advisers and coaches.
Following the deal’s completion, the Virgin Money brand name will no longer be used and the company will begin operating under an Octopus Money brand.
This acquisition is a major step in Octopus Money’s long-term strategy to reshape financial advice in the UK – combining digital tools with personalised support to help more people plan, save, and invest with confidence.
Ruth Handcock, CEO at Octopus Money, said:
“Our investment platform has always been closely tied to our mission – helping people feel confident they’ll have enough to live the future they want. Customers love being able to talk to a friendly expert, build a long-term plan and manage their investments all in one place.
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.”
Rich Milne, CEO of Virgin Money Investments, said:
“I believe that the sale of our business to Octopus Money is an excellent outcome for our customers, our people and our business’s future. 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.”