Virgin Money Limited is a UK-based bank and financial services company owned by the Virgin Group and founded by Sir Richard Branson in March 1995. It was originally known as Virgin Direct, and pioneered index tracking by launching a value Personal Equity Plan into the market. In the 2000s Virgin Money expanded its operations around the world.
In 2010 the company received a banking licence through the purchase of the Church House Trust and has plans to further expand into this sector. In 2012 Virgin Money bought Northern Rock plc for Â£747 million up front, with other potential payments of up to Â£280 million over the next few years