UK online-only bank Zopa has doubled its pre-tax profits in its second year of profitability.
Presenting the full-year results, CFO Steve Hulme says the bank grew its customer base to 1.4 million and doubled profit before tax to £34.2 million.
Total revenue for the year increased 30.2% to £303.4 million while the customer base grew 28.1% to 1.4 million in 2024 across its product set in savings and lending.
The year also saw the bank expand into new verticals through partnerships with Octopus Energy, entering the £23 billion UK renewable energy market, and with John Lewis to offer personal loans to its 23 million customers.
"In the next phase of our ambition, we want to address an even larger share of our customers’ financial needs," says Hulme. "Backed by sustained profitable growth, we will soon launch the Zopa Bank Account: our flagship current account with the best all-around value on the market and zero hassle."
The digital bank in December secured £68m in funding, led by AP Moller, the owners of shipping giant Maersk to lay the ground work for expansions and also doubled its physical footprint in London to accommodate growth following a move to a new office in Canary Wharf.