ON - Omidyar Network

Virgin Money (formerly CircleLending) manages loans between relatives, friends, and other private parties, giving individual lenders the capabilities of lending institutions and helping individual borrowers access affordable and flexible credit. 

Why We Invested

Virgin Money has helped complete more than $450 million in social loans, providing access to financing for thousands of people. In today's market, more people are turning to informal sources of capital to meet their financial needs or refinance high-interest debt. Virgin Money products provide protection and management to lenders, and promote accountability and communication from borrowers. Using Virgin Money, lenders gain the protections a bank would have, help define the terms of the agreement, payment collection, and accounting. Borrowers gain access to funds at favorable terms.

Virgin Money’s services include document preparation, customized repayment schedules, billing and payment collection, tax statements, mortgage recording, escrow administration, and web-enabled payment tracking. By expanding its services to include mortgage lending, Virgin Money is poised to continue innovating in the field of social lending.