Europe’s leading peer-to-peer lending company, Zopa, today announced that Nigel Morris, Managing Partner at QED Investors and the co-founder and former COO and President of Capital One, has joined its board as a non-executive director as part of an investment by QED Investors.
This reflects a strategic move by Zopa, which recently passed the £1 billion lending milestone to strengthen its board and bring on seasoned experts to help scale the firm.
Giles Andrews, Zopa Co-founder and Executive Chairman said, “Nigel is one of the few entrepreneurs in the world to have started a financial services business and taken it to massive scale. During Nigel’s ten years at Capital One, the company’s earnings per share growth and return on equity both exceeded 20% per year. Nigel is a natural fit for us as he pioneered a data driven approach both to credit decisioning and marketing.”
“I am delighted to join the team at Zopa. I’ve been following its progress for a long time and we (QED) jumped at the opportunity to be part of this truly disruptive and pioneering company. I share the same ambitions and values as Giles, Jaidev, and the whole company in wanting to provide better value and excellent service to consumers, and making Zopa a trusted household brand in the process,” said Nigel Morris, Managing Partner of QED Investors.
Jaidev Janardana, CEO of Zopa said, “I am really excited to work with Nigel. Having worked in Capital One, I have always been deeply impressed by his strategic vision and expertise. I look forward to tapping into his experience while we look to scale our business and build a mainstream brand.”
Zopa has grown rapidly in 2015 having so far lent £410 million in 2015 and is expected to reach £540 million by the end of the year. This represents over a 100% increase on 2014 lending volumes with borrowing only set to increase in 2016 as Zopa expects to make over £1bn in new loans next year alone.