Virgin Money Giving, a not-for-profit fundraising platform, will close at the end of November, shortly following the London marathon, which it will no longer sponsor after this year.
The bank said 26 jobs would be lost as a result of the closure which was decided after a strategic review of Virgin Money Giving was conducted.
“Given the significant investment required in the service for it to remain competitive,” the bank said in a statement, “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.”
The fundraising platform was created by Virgin Money as a result of its sponsorship of the London Marathon, which it has supported for 12 years.
Virgin Money Giving said it has helped 20,000 charities and over a million fundraisers raise more than £900m online since it launched in 2009.
Helen Page, chief brand officer at Virgin Money, said in a statement: “Following the end of our sponsorship of the London Marathon, it is the right time to bring the service to a close and help our charity partners to move to an alternative and sustainable giving platform.”
London Marathon Events announced in June that Tata Consultancy Services (TCS) will be the new title partner of the London Marathon from 2022.