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Zopa bank passes £2 billion in deposits

Zopa bank passes £2 billion in deposits

Zopa bank has hit the £2 billion deposit mark, just two years after the former P2P lender launched its challenger bank.

The challenger has hit the £2 billion milestone just eight months after passing the £1 billion mark, boosted by it table-topping Smart Saver easy access account and fixed term savings product.

A Zopa spkesman says: "With rising inflation, energy prices, and rent increases adding considerable pressure on consumer finances, Zopa’s ambition is to make the billions in “zombie money” sitting idle in UK current accounts work harder."

Zopa in April achieved a rare feat among UK challenger banks, hitting profitability for the first time just 21 months after acquiring its UK banking licence.

Since launching its bank in 2020 Zopa has attracted £2 billion in deposits, more than £1.5 billion of loans on balance sheet, issued 350,000 credit cards, and tripled (3x) its revenue per customer.

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