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Zopa hits £3 billion deposit milestone

Zopa hits £3 billion deposit milestone

Zopa bank has crossed the £3 billion deposit milestone thanks to the launch of high interest bearing savings account that have attracted 150,000 customers.

Having made its name as a P2P lending pioneer, Zopa pivoted two years ago to become a traditional bank, hitting profitability last April and the £2 billion deposit mark in August.

The bank, which has garnered 800,000 customers, atrributed the lift in deposits to its attractive suite of easy access and fixed term savings accounts.

Merve Ferrero, chief strategy officer at Zopa comments: “Our proposition centred around fairly priced credit and attractive returns on savings has become a lot more relevant in today’s environment. Our fresh take on the saving needs of UK consumers drives every aspect of product innovation at Zopa. Savers should look for value and consider savings options that combine a high interest rate, good service, flexibility, and tools to manage their money instantly with a few taps from their smartphones”.

Since its launch in 2020, Zopa has amassed more than £2bn of loans on balance sheet and issued close to 350,000 credit cards.

The mobile-only bank is understood to be in talks to raise $100 million in what could be its final funding round before going public.

Comments: (1)

A Finextra member
A Finextra member 05 January, 2023, 11:431 like 1 like

Wow.  I am impressed by Zopa's numbers in just a few short years.  Well-done and kudos to the management team which got them where they are today.