Zopa tops up funding round for new digital bank

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.

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Zopa tops up funding round for new digital bank

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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."

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Comments: (1)

Behzod Sabirov

Behzod Sabirov Project manager at Sanscrit LLP

Zopa should not come to Russian-speaking countries with such a name :) Won't make profits.

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