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Virgin Money Giving breaks the £10 million barrier for charity

27 April 2010

Virgin Money Giving breaks the £10 million barrier for charity

In the week of the very first Virgin London Marathon, Virgin Money Giving has announced that it has already raised over £10 million for charity. Virgin Money Giving launched on 14 October 2009, just six months ago.

Unlike other online fundraising services, Virgin Money Giving is a not-for-profit business. That means its fees to charities are as low as possible so more money reaches good causes.

Virgin Money Giving estimates that its not-for-profit business model means over £500,000 extra has already reached charities compared to if the money was donated through other leading online fundraising services.

Jo Barnett, Executive Director at Virgin Money Giving said: "We launched Virgin Money Giving as a result of Virgin Money's London Marathon sponsorship. We realised there was a better, more efficient way for people to raise money online with a not-for-profit business model which is unique in online fundraising.

"The fact that in our first six months we've seen such success suggests that fundraisers agree with us too. If every runner who runs in the 2011 Virgin London Marathon raised money through Virgin Money Giving, we estimate over £1m more would reach charities."

Virgin Money Giving was launched by Virgin Money as part of its ambition to make "everyone better off", a philosophy which looks to offer good value to customers, treat employees well, make a positive contribution to society and deliver a fair profit to shareholders. Virgin Money Giving is a core part of this strategy aiming to make a positive difference to society through supporting charities to raise more.

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Notes to Editors

About Virgin Money:

Virgin Money is Virgin's banking and financial services arm and was established in 1995 as a joint venture between the Virgin Group and Norwich Union.

In 1997, Virgin Direct Personal Financial Services Limited launched The Virgin One Account, a joint venture with The Royal Bank of Scotland that offered the UK's first current account mortgage direct to the retail market. In 2001, RBS bought out the Virgin Group's stake in the joint venture.

In April 2004 the Virgin Group took 100% ownership of Virgin Money.

Virgin Money currently has over 2.5 million customers and offers Payment Cards (Credit Cards & Prepaid Cards), Savings and Investment products (Stakeholder Pensions, Children's Pensions, Employers Pensions, FTSE Tracker ISA, Bond & Gilt ISA, Climate Change ISA, Cash ISA and Unit Trusts), General Insurance products (Motor, Home, Travel, and Pet) and Life Assurance products to the UK market.

Virgin has signed a five-year deal to be the official sponsor of the London Marathon, the biggest annual fundraising event in the world. The inaugural Virgin London Marathon was held on 25 April 2010. Virgin Money is leading the London Marathon sponsorship with the ambition to help runners raise £¼ billion over 5 years and will use its infrastructure, online capability and financial expertise to deliver that through Virgin Money Giving.

About Virgin Money Giving

As a not-for-profit business Virgin Money Giving charges charities the minimum fees needed to cover the running costs of the site. Any money left over after covering operating costs will go towards reducing fees further or improving services for fundraisers and charities.

virginmoneygiving.com is the official sponsorship website of the Virgin London Marathon, Royal Parks Half Marathon and Sony 'Run to the Beat'.

The most popular message of support on Virgin Money Giving to runners in this year's Virgin London Marathon was 'Run Forrest run' with over 500 donors leaving this message. Almost 500 (437) fundraising teams ran together and raised money on Virgin Money Giving and over 13,000 people sponsored Virgin London Marathon runners £1 for every mile ran - £26.20. That's a total of £340,600 and with Gift Aid added that comes to a whopping £429,854.50 for good causes.