Zopa raises £ 20million after exceeding bank performance targets

Zopa has landed £ 20million from existing investors after collecting £ 250million in deposits following the launch of its app bank just last year.

The P2P lending pioneer was granted a restricted UK banking license in December 2018 after securing £ 60million in development funding and received his full banking license in June following a fundraiser £ 140million, enabling it to meet regulatory capital requirements for its foray into banking.

Initially started with a one- to five-year fixed-term savings account, the banking operation has since shifted to credit cards, unsecured loans and automatic financing, lending clients £ 5 billion. .

The company says it has seen its annualized revenue per customer almost double since launch.

“Less than a year after the launch of our bank, we have exceeded our growth plan, both in terms of customers and balance sheet,” says CEO Jaidev Janardana. “This injection of capital will allow us to continue on this accelerated path. Our strong entry into the UK savings and credit card markets shows the organic appeal of our products and we are pleased to have investors who share our enthusiasm to serve more clients in more categories. of products.

The cycle was led by IAG Silverstripe, with participation from Augmentum, Waterfall, Alternative Credit Investments and Venture Founders.

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