Zopa digital bank is launching in 2019. The FCA’s grant of a banking licence means that Zopa becomes the world’s first combined P2P lender & digital bank.

The Zopa digital bank arm is launching FSCS protected savings accounts and credit cards in the New Year. All products including its existing P2P offerings will be brought together in the Zopa app.

“This is a huge milestone for Zopa,” says Zopa CEO Jaidev Janardana.

“13 years ago, we built the first ever P2P lending company giving people access to simpler, better-value loans and investments. Since then, we’ve lent nearly £4bn to consumers in the UK. Being able to show this success has been essential to us getting our bank licence.”

Janardana says the launch of Zopa digital bank makes no change to its P2P products line-up.

He adds: “We aim to continue to grow our P2P business based on the same great P2P products. We’re still the same Zopa, we’ll just have a lot more to offer our customers.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Zopa digital bank: capital raising hits £60m

In November it raised £60m, its largest funding round to date, to fund the launch of Zopa digital bank.

An earlier funding round this year raised an initial £44m.

Janardana concludes: “Having served half a million customers to date, Zopa is set to redefine the finance industry once again.  Our next generation bank will meet a broader set of UK customers’ financial needs.”

Zopa’s risk strategy is based on targeting low risk UK borrowers. It expects loan loss rates across the UK consumer credit market to rise back towards more normal historical levels.

In fiscal 2017 Zopa posted profits after tax of £1.5m for its P2P business. Revenue increased by 40% year-on-year to £46.5m.

In 2017, Zopa became the first major P2P lender to receive full FCA authorisation. This made possible the launch of Zopa’s Innovative Finance ISA in June this year.