Investor support for FinTech veteran Zopa after nine months as a bank
A P2P lender who got his banking license last year raised £ 20million from his existing investors.
Zopa was launched in 2005 as a peer-to-peer lender and obtained its full banking license in June 2020.
Zopa launched Ffixed tuh ssavings accounts and a credit card for UK consumers next to his personal loan and auto financing solution.
The digital bank has already attracted over £ 250million in deposits and has become one of the top 10 credit card issuers in the UK in terms of new customers generated.
Zopa has seen its annualized revenue per customer almost double in the period 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.”Said CEO Jaidev Janardana.
“This capital injection 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.
To date, Zopa has theaNT more … than £ 5 billion to low risk UK customers through its unsecured loans, credit cards and car finance products.
The round was led by IAG Silverstripe, with participation from a number of investors including Augmentum, Waterfall, Alternative Credit Investments and Venture Founders.