Zopa Bank Raises £75M in Funding to Drive Expansion
Zopa, a London-based digital bank, recently announced that it has raised £75M in Tier 2 Capital, although the investors behind this financing round were not disclosed. With this latest funding, Zopa Bank has now accumulated a total capital of £530M, out of which £150M was raised in the year 2023 alone. The company aims to utilize these funds to expedite its growth and expansion plans. Headed by CEO Jaidev Janardana, Zopa Bank is a genuine bank (unlike fintechs and e-money institutions) with a rich history of peer-to-peer lending experiences spanning 18 years, as well as an impressive £8 billion in approved personal loans. This year, it made further progress by introducing a regulated BNPL (buy now, pay later) product and a smart ISA, catering to a wider customer base.
Zopa Bank, which made its debut in 2020, has been able to amass an impressive £3.
.5 billion in deposits, with over £2 billion in loans appearing on its balance sheet. Additionally, it has successfully issued 470,000 credit cards. Currently, Zopa serves a considerable customer base of 1 million individuals, generating £250 million annually in run rate revenue. Projections indicate that by 2027, the bank is anticipated to cater to the needs of 5 million customers.
With its continuous expansion and innovative product offerings, Zopa Bank has positioned itself as a prominent player in the digital banking realm. Its success can be attributed to its rich heritage in P2P lending, as well as its ability to adapt and thrive in an increasingly competitive market. As it moves forward, Zopa Bank remains committed to providing cutting-edge financial solutions and delivering exceptional customer service.
Click here for a full list of 6,481+ startup investors in the UK