Zopa tops up funding round for new digital bank

Zopa tops up funding round for new digital bank

Zopa has topped up its latest funding round, which has closed out at £60 million, giving the peer-to-peer lending pioneer a war chest for the upcoming launch of its digital challenger bank.

The firm has added £16 million to the first stage of the round, which brought in an initial £44 million over the summer.

Zopa led the way in P2P lending, facilitating more than £3.7 billion in loans since its launch in 2005, achieving full year profitability in 2017.

It's now looking to expand, through the launch of the new challenger bank "soon", offering FSCS-protected deposit accounts for savers, a range of peer-to-peer investment products for investors, and personal loans, car finance, and credit cards for people looking to borrow.

Jaidev Janardana, CEO, Zopa, says: "This new funding takes us a step closer to realising our vision of being the best place for money in the UK.

"Having served half a million customers to date, Zopa is set to redefine the finance industry once again through our next generation bank to meet a broader set of UK customers’ financial needs."

Comments: (1)

Behzod Sabirov
Behzod Sabirov - Sanscrit LLP - Almaty 09 November, 2018, 04:23Be the first to give this comment the thumbs up 0 likes

Zopa should not come to Russian-speaking countries with such a name :) Won't make profits.