Zopa passes £2 billion lending milestone
30 January 2017 | 2523 views | 0
Zopa, the pioneering financial services business, has become the first UK peer-to-peer lending platform to lend £2bn, helping a third of a million people to get a better value personal loan or grow their money over the last 12 years.
The £2bn represents more than 300,000 loans, with Zopa helping to match 246,000 borrowers with more than 75,000 investors since its inception in 2005.
Over the last 12 months’ customers have borrowed more than £703 million in low-interest unsecured Zopa loans*. This is a result of Zopa’s total commitment to putting the customer at the heart of everything it does; from technology-led product design to award winning customer services. Zopa has been named Most Trusted Personal Loans Provider seven years in a row by Moneywise and voted Personal Loan Provider of the Year four times by Moneyfacts.
Since its beginnings in 2005, Zopa has sought to develop products that bring customers better value and simplicity. Over that time, Zopa has matured into a profitable company with world-class efficiency and excellence in risk management.
Having delivered great value to so many customers, and with its excellent track record as a prudent lender, Zopa is now planning to launch Zopa Bank to extend its range of consumer products. Zopa Bank will disrupt the established banks, bringing Zopa’s transparency and value to even more people in the UK.
Jaidev Janardana, Zopa’s CEO, comments: “We’re excited to be the first UK peer-to-peer lender to pass the £2bn milestone. Over the last 12 years, we’re proud to say we’ve helped over a third of a million people get better interest rates for both borrowing and lending. The £2bn milestone demonstrates how far we have come, but our journey is only just getting started. Our decision to launch a next generation bank reflects our mission to create better options for consumers and to shape the future of finance.”
£2bn lending in numbers:
-Number of borrowers: 246,000 borrowers
-Number of lenders: 75,000 investors
-Interest returned: over £129 million
-Loan purposes by volume
• Cars - 34%
• Debt consolidation - 31%
• Home Improvements - 20%
• Other - 4%
• Wedding - 2%
• Holidays - 1%
-Typical borrowers: Police, nurses, teachers, bank employees, project managers
-Average income of borrowers: £30,000
-Whilst past performance is no guarantee of future performance, Zopa has delivered positive returns to lenders every year since launch, including through the 2008 financial crisis
*January 31st 2016 - January 30th 2017