Virgin Money is launching an online fundraising site which will be the official online giving engine of the London Marathon, potentially sidelining Justgiving.The financial arm of the Virgin empire, Virgin Money has launched Virgin Money Giving, a website which will enable individuals to raise money for charities registered on the website for the London Marathon and other events and causes.

Virgin Money Giving will begin operation this summer to allow people to fundraise for the first Virgin London Marathon in 2010, the first of its five-year sponsorship deal with the event. Justgiving, meanwhile, has worked with the London Marathon since 2002, raising £62.5m for charities supported by runners.

The arrival of Virgin Money Giving could potentially dint the former’s hold on the lucrative fundraising event. However, Justgiving has officially welcomed the entry of a would-be competitor.

Managing director at Justgiving Anne-Marie Huby said: “We believe that anything that gives charities more choice in their online fundraising is a great thing, so we welcome Virgin to the sector.”

This launch, many would say, is coming at an opportune moment, since the recent launch of the new Justgiving site was riddled with problems. It seems Sir Richard has got it right again…!