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Author Bio
Matt is a Certified Financial Planner based in South Carolina who has been writing for The Motley Fool since 2012. Matt specializes in writing about bank stocks, REITs, and personal finance, but he loves any investment at the right price. Follow him on Twitter to keep up with his latest work!
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What happened
2020 was the year of the SPAC, but 2021 is shaping up to be just as strong in the world of so-called blank check companies. One particular standout today is
VG Acquisition Corporation (NYSE:VGAC.U), which is sponsored by Richard Branson s Virgin Group. As of 11:45 a.m. EST, VG Acquisition was higher by more than 10% for the day.
Close icon
Two crossed lines that form an X . It indicates a way to close an interaction, or dismiss a notification. Another group has come to light in the ongoing narrative of Reddit forums leading to moves in the market: a group dedicated to SPACs. hoto Illustration by Omar Marques/SOPA Images/SOPA Images/LightRocket via Getty Images This story is available exclusively to Insider subscribers. Become an Insider and start reading now.
Last week, Wall Street was fixated on r/WallStreetBets, which fueled stocks for companies like GameStop and AMC.
Now, a community of online investors is homing in on SPACs, united by the r/SPACs forum on Reddit.
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Perhaps unsurprisingly, the lender said its customers were being cautious, avoiding taking out personal loans and instead turning to depositing their cash.
It said it had seen higher customer spending prior to stricter Covid-19 restrictions introduced in November and December, but this fell back as tiering and lockdowns were introduced.
Customer deposits rose 0.9 per cent to £68.1billion in the quarter, as customers spent less and businesses maintained healthy balance sheets to get through the pandemic.
Personal lending fell 2 per cent to £5.1billion as lockdown restrictions reduced credit card and other spending, while mortgages reduced by a smaller 0.2 per cent to £58.2billion compared to the previous quarter.
• Former Virgin Money SA executives, with the backing of a private equity firm, have opened SA s first open banking platform called Spot Money.
Photo: Getty Images
When Richard Branson s Virgin Group recruited him to start a fully fledged bank in South Africa, Andre Hugo thought the country did not need another bank, but rather something to turn the industry on its head.
Fast forward to 2021, the former Virgin Money SA CEO has started South Africa s first open banking operation called Spot Money.
Launched on Wednesday, Spot Money is a super app that doubles up as a payment app, a marketplace and a rewards programme - to name a few of its functions.