Former peer-to-peer lender Zopa has hit £1 billion in customer deposits, reaching the milestone eighteen months after becoming a bank.
Zopa has topped the savings tables 15 times since its launch, and is aiming to double its deposit base to £2 billion over the next year.
The digital bank in October raised £220 million from a clutch of investors led by Softbank Vision Fund 2. Alongside the £1 billion in deposits, the company has more than £1 billion of loans on balance sheet, issued more than 200,000 credit cards, tripled its revenue per customer and is on course for near-term profitability and an IPO in late 2022.
Zopa currently offers fixed term savings accounts that deliver a headline rate of up to 1.75% over one to five years. The firm say it plans to market its first easy access account in the coming months.