Zopa has topped up its latest funding round, which has closed out at £60 million, giving the peer-to-peer lending pioneer a war chest for the upcoming launch of its digital challenger bank.
The firm has added £16 million to the first stage of the round, which brought in an initial £44 million over the summer.
Zopa led the way in P2P lending, facilitating more than £3.7 billion in loans since its launch in 2005, achieving full year profitability in 2017.
It's now looking to expand, through the launch of the new challenger bank "soon", offering FSCS-protected deposit accounts for savers, a range of peer-to-peer investment products for investors, and personal loans, car finance, and credit cards for people looking to borrow.
Jaidev Janardana, CEO, Zopa, says: "This new funding takes us a step closer to realising our vision of being the best place for money in the UK.
"Having served half a million customers to date, Zopa is set to redefine the finance industry once again through our next generation bank to meet a broader set of UK customers’ financial needs."