Virgin Money US
Virgin Money US (formerly CircleLending) was a peer-to-peer loans and loan-servicing company founded in May 2000 and launched in 2001.[1][2]
In 2007, the Virgin Group acquired a majority-stake in the company and renamed it Virgin Money US, the American division of Virgin Money.[3][4] Virgin Money US focused solely on formalizing and servicing loans between friends and family, a business model which differentiated it from later social lending and crowdfunding businesses which encouraged loans between strangers.
In 2010, during the financial crisis of 2007–2010, Virgin Money began its withdrawal from the US market.[5]. Virgin Money US withdrew from the US market entirely in November 2010.[6] Servicing of its social loans was transferred to its servicing partner, Graystone Solutions, who continue to service the social loans under their own brand.
In 2010 a former Virgin Money US employee launched a new venture, National Family Mortgage, to address the intrafamily real estate loan void created by Virgin’s departure.[7]
[edit] References
- ^ "Virgin Money USA, Inc.". Business Exchange. BusinessWeek. http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=7664381. Retrieved 2009-11-09.
- ^ "'Thanks For The Mortgage Dad' Start-up - CircleLending Funded by Intel/Omidyar". Alarm:Clock. August 15, 2006. http://www.thealarmclock.com/mt/archives/2006/08/thanks_for_the.html. Retrieved 2009-11-09.
- ^ Hendrickson, Mark (October 16, 2007). "CircleLending Becomes Virgin Money USA; Gets Makeover and Millions in Funding". TechCrunch. http://www.techcrunch.com/2007/10/16/circlelending-becomes-virgin-money-usa-gets-makeover-and-millions-in-funding. Retrieved 2009-11-09.
- ^ Virgin Money History Virgin Money US
- ^ "UK's Virgin Money rewriting its US plans". American Banker. 2010-01. http://www.onwallstreet.com/news/Branson-Virgin-banking-2665414-1.html. Retrieved 2010-11-01.
- ^ "Virgin Money Closes Shop in the U.S., Victim of Bad Timing". American Banker. December 2, 2010. http://www.americanbanker.com/issues/175_230/virgin-money-1029293-1.html.
- ^ "Making Mortgage Lending a Family Affair". New York Time. November 5, 2010. http://www.nytimes.com/2010/11/05/business/businessspecial5/05MORTGAGE.html?pagewanted=all.
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