Expansion of Octopus Money’s Investment Platform
Octopus Money, a leading financial coaching firm, has successfully completed the acquisition of Virgin Money’s investment business. This strategic move has resulted in the creation of a direct-to-consumer investing platform known as Octopus Money Direct. The newly rebranded platform now manages an impressive £3.8 billion in assets under management, marking a significant milestone for the company.
The acquisition, which was initially agreed upon in August, has received the necessary approval from the Financial Conduct Authority. As part of this deal, Octopus Money has taken on approximately 150,000 customers from Virgin Money. Despite the change in ownership, the company has stated that there are no major changes planned for the platform in the short term.
Octopus Money is a spinoff of Octopus Investments, which is part of the larger Octopus Group. This group also includes the energy giant Octopus Energy. The company provides financial coaching and advice, often integrated into employee benefit schemes offered by companies.
Commitment to Customer Support
Ruth Handcock, the chief executive of Octopus Money, expressed her excitement about welcoming Virgin Money Investments’ customers and team to the Octopus Money family. She emphasized that these investors have already made important steps towards securing their financial futures. Octopus Money is committed to providing them with the tools and personalized support needed to feel confident about their money.
The company highlights that this acquisition strengthens its 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.” This unique approach allows customers to manage their investments while receiving expert guidance.
Growth and Future Plans
Octopus Money launched its own investment platform two years ago, gradually building a customer base of tens of thousands. However, this acquisition significantly accelerates its growth in the investment sector. The new brand continues to be supported by the same teams, ensuring that customers who have migrated from Virgin Money experience no disruption in service.
In August, Hancock shared her vision for the investment platform, emphasizing its close alignment with the company’s mission of helping people feel confident about their financial future. She noted that customers appreciate the ability to speak with friendly experts, build long-term plans, and manage their investments in one place.
The addition of the Virgin Money Investments team and customers reinforces Octopus Money’s commitment to making investing easier and more accessible. Together, the companies aim to reach even more people with high-quality advice and straightforward, affordable investing options. This is achieved through smart technology combined with a human touch.
Key Highlights of the Acquisition
- Rebranding: The Virgin Money platform has been rebranded as Octopus Money Direct.
- Assets Under Management: The new platform manages £3.8 billion in assets.
- Customer Base: Octopus Money now serves around 150,000 customers from Virgin Money.
- Regulatory Approval: The deal received approval from the Financial Conduct Authority.
- No Major Changes: The platform will remain unchanged in the short term.
- Team Continuity: The same teams continue to support the platform post-acquisition.
- Strategic Growth: This acquisition marks a significant step in Octopus Money’s expansion.
