Zopa closes £60m funding for bank dream
Zopa is full of hope as it has closed its largest funding round to date with £60 million for its banking plans.
The firm says its peer-to-peer business achieved full year profitability in 2017 – for the first time since 2012. There are no timelines but with the latest cash injection it expects to launch its “next generation bank soon and expand its product offering”.
Jaidev Janardana, Zopa CEO, 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.”
As reported in August, Zopa completed a new funding round with an extra £44 million in its pockets. The P2P lender applied for a banking licence in 2016.
The latest investment round included a mix of new and existing investors… who Zopa declined to reveal.
To date, Zopa has lent more than £3.7 billion in unsecured personal loans to customers in the UK.