Why is Virgin Money Giving closing?
"Virgin Money undertook a strategic review of Virgin Money Giving ahead of the bank’s final sponsorship of the London Marathon next month. Given the significant investment required in the service for it to remain competitive, and without the brand exposure provided by the London Marathon, Virgin Money has decided to wind down the platform after the 2021 London Marathon in October." - Virgin Money on the charity arm's closure.
Having raised hundreds of millions for UK charities since its launch, Virgin Money Giving has done much for the sector, and without making a profit. Virgin Money says the platform was created at a time when charities had less choice and paid higher fees on donations.
Today, there is certainly more choice when it comes to third party fundraising platforms, but a number of popular providers do still charge fees to charities.
When exactly will Virgin Money Giving close?
The platform will stop supporting all donations from 30 November 2021. This gives charities, fundraisers and regular donors around 3 months to find an alternative platform as necessary.
What are the alternatives to Virgin Money Giving?
Many charities will, understandably, be disappointed at the platform's closure. Regardless of its achievements, the platform currently supports a huge portion of the third sector and thousands of charities large and small must now plan for a future without it. Virgin says it will support charities to find alternatives, and it's important to consider a range of factors when choosing a fundraising platform.
Below we've compared 3 popular alternatives to Virgin Money Giving, their key features, and the fees charged to charities and donors. We've kept this factual to help charities make an informed decision and ensure they're using a platform that fits their requirements. We've also provided a more extensive list of alternative platforms with links to each, to help you in your search.
|Charity fees||£15-£39/mth + 1.9% +20p on donations + 5% on Gift Aid||None||None|
|Donor fees||15% (optional)||5% (mandatory)||None|
|Cost of a £20 donation||83p||£1 (donor pays)||Free|
|Cost of a £100 donation||£3.35||£5 (donor pays)||Free|
|Regular giving||Yes (direct debit)||Yes|
|Charity appeal pages||Yes||Yes|
|Charity event pages||Yes||Yes||Yes|
|Individual fundraising pages||Yes||Yes||Yes|
|Team fundraising pages||Yes|
|Corporate fundraising pages||Yes||Yes|
|Gift Aid||Y (5% fee)||Yes||Yes|
|Automated Gift Aid claiming||Yes|
|Integrations||CRM, Eventbrite, Activeworks||Strava activity tracking|
|Export donation data||Yes||Yes||Yes|
|Donor contact consent||Yes||Yes||Yes|
|Fundraiser contact consent||Yes||Yes||Yes|