In 2003, Virgin Money was launched in Australia, initially just offering credit cards to customers. It was started in partnership with Macquarie Bank, followed by a 5-year agreement with Westpac.
In 2013, the Bank of Queensland bought Virgin Money Australia for $40 million, but still pays royalties to the Virgin group.
Virgin Money has about 140,000 customers. As well as credit cards, it offers home loans, bank accounts, insurance and superannuation services. Virgin Money is part of the Virgin Group, and therefore its financial products may be linked to Virgin Australia travel and Velocity points.