More than £1billion has been deposited into Zopa’s fixed-term savings account since the former peer-to-peer lending platform launched its bank 18 months ago.
Since launching in 2020, Zopa’s bank has attracted £1bn in deposits and has more than £1bn in loans on its balance sheet. It issued over 200,000 credit cards, becoming one of the top five credit card issuers in the UK and tripling its revenue per customer.
“Today we are extremely proud to announce that our customers have placed their trust in us with over £1 billion of their hard-earned savings,” a Zopa spokesperson said.
“We launched Zopa Bank 18 months ago with the bold ambition to create the UK’s best bank for saving and borrowing.
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“With our unique fintech heritage and 16 years of experience in lending, we are focused on better meeting the financial needs of UK customers in sectors where they have traditionally been underserved, while delivering a which matches their expectations of a digitally driven company.”
The Zopa brand was established in 2005, when it became the world’s first P2P lending platform.
In December 2021, Zopa announced that it would exit the retail P2P space in order to focus on its newly launched banking and credit card offering. The company is also believed to be gearing up for a public launch later this year.
Zopa’s Fixed Term Savings Account has topped the savings charts 15 times and earns up to 1.75% interest over one to five years.
Over the next 12 months, Zopa plans to double its savings portfolio again to £2 billion in deposits, and it will also launch an easy-to-access savings product and integrated funding solutions.
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