Zopa raises £20m from internal funding round
UK fintech Zopa has raised £20 million from an internal funding round featuring existing investors.
The round was led by IAG Silverstripe, with participation from Augmentum, Alternative Credit Investments, and Venture Founders.
Zopa has accrued £250 million in deposits and become a “top ten” credit card issuer in the UK.
It claims to have lent out over £5 billion to low-risk UK customers via its unsecured loans, credit cards and car finance products.
The firm says it will use its money to fuel growth and meet a “sustained need for access to credit” among its customer base.
The internal round is Zopa’s 14th since its foundation in 2004. The firm has raised a total of £337 million.
“Less than a year since launching our bank, we have exceeded our plan for growth,” says Jaidev Janardana, Zopa CEO.
“This capital injection will enable us to continue on this accelerated path. Our strong entry to the UK savings and credit card markets shows the organic appeal of our products.
“We are happy to have investors who share our excitement at the opportunity to serve more customers across more product categories.”