Boston
Virginmoney.com
Leave it to Sir Richard Branson to help spur double-digit growth for a financial-services business during one of the worst financial crises to hit the U.S. in decades.
Last year, Branson bought CircleLending, a third-party, peer-to-peer broker that helps manage mortgage, personal, student and small business loans between friends and family. The new venture, renamed Virgin Money, allows customers to pick their own interest rates and loan terms - and eliminates having to pay interest to a bank. "It took us six years to grow from $0 to $200 million in loans," says CircleLending founder Asheesh Advani, now CEO of Virgin Money. "Since the Virgin launch we've nearly doubled that, passing the $375 million mark."
Lower interest rates and higher returns have enticed many small businesses to forgo traditional banks and try Virgin Money's service this year, Advani says. And of course there's Branson's iconic brand: "The Virgin name really resonates with entrepreneurs," says Advani, who last year replaced his previous marketing team with a new one that uses uncomplicated language and a tone that mimics Branson's panache. Next year, Virgin Money hopes to become a full-fledged financial services firm when it introduces new loan options and services outside of the credit sector. - Maggie Overfelt
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