Virgin USA Acquires Majority Interest in CircleLending

Virgin USA and CircleLending will work together to rebrand the company and expand financial service products for consumers and small-business owners. Launched in 2001, CircleLending is widely regarded as a trailblazer in the financial services industry for designing unique products that allow individuals to save money and keep wealth in the family by securing affordable loans from relatives and friends. CircleLending has helped first-time homebuyers, entrepreneurs, students and other individuals access credit at favorable terms.

“Our investment in CircleLending is consistent with Virgin's focus on developing fresh approaches to consumer issues and challenging the status quo,” said Frances Farrow, CEO of Virgin USA. “Financial consumers are increasingly self-directed, empowered and seeking the kinds of innovative alternatives offered by CircleLending. We're delighted that our investment will form the foundation for a major new Virgin-branded financial services offering in the U.S.”

“We are excited to work with Virgin Group and to bring a unique brand of innovation to the financial services industry,” said Asheesh Advani, president and CEO of CircleLending. “Funding from Virgin USA further underscores the success that CircleLending has seen over the past five years. This investment will allow us to grow our business and develop new financial products on our own and in partnership with banks and other financial institutions. These products will simplify the financing of homes and businesses and help people create, transfer and preserve their wealth.”