Financial coaching firm Octopus Money has completed its acquisition of the investment business of Virgin Money to create a direct-to-consumer investing platform.
The firm has rebranded Virgin Money’s platform to Octopus Money Direct, and has some £3.8billion in assets under management.
With the acquisition, Octopus Money has taken on around 150,000 customers from Virgin Money. The deal, agreed back in August, has now received approval from the Financial Conduct Authority.
It says it has no major changes to the platform planned in the short term.
Octopus Money is a spinoff of Octopus Investments, which is part of the Octopus Group alongside Energy giant Octopus Energy.
Octopus Money offers financial coaching and financial advice, and is often offered through company employee benefit schemes.
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The new brand is still supported by the same teams, Octopus said, with customers that have migrated from Virgin Money seeing no change to the service
Ruth Handcock, chief executive of Octopus Money, said: ‘We’re delighted to welcome Virgin Money Investments’ customers and team to Octopus Money.
‘These investors have already taken important steps to secure their financial futures, and we’re committed to giving them access to the tools and 1-to-1 support they need to feel confident about their money.’
Octopus Money says the deal 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.’
Octopus launched its own investment platform two years ago, and has built tens of thousands of customers. This acquisition, however, significantly accelerates its movement in the area.
The new brand is still supported by the same teams, Octopus said, with customers that have migrated from Virgin Money seeing no change to the service.
In August, Hancock 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.’
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