Sorry for the absence of blog posting over the last month – I’ve been busy / on holiday / detoxing / turning 30 (Delete as desired).
You might have noticed a short absence of Zopa as well yesterday morning – we were busy uploading a new version of the system onto the shiny Zopa servers, and this one comes with some much requested new features.
We say more about this elsewhere on the site but the big new feature is that we are now paying lenders interest on unlent money that is held at Zopa! (Actually, for legal reasons, I have to say that it’s our bank – RBS – that is paying the interest to lenders, but you’ll see the money in your Zopa holding account.)
This has been something many lenders have been asking for since we launched, and while we have never earnt a single penny (sob) from the lenders money we hold, neither have lenders. From yesterday, we (well,RBS…anyway you get the idea) will be paying 3.25% interest on that money – which is great…but clearly not as great as actually lending that money!
This has been a big build for us – we’ve designed and built a deposit management system from the ground up to calculate the interest on lenders funds once a day, compound it daily, and pay it monthly. There’s also a load of admin functions that are needed for managing this sort of system – but you won’t have to worry about those…that’s our job.
While we were doing the deposit management system, we though we’d finish of some parts of our loan management system as well! Lenders can now see the amout of money they currently have lent to borrowers (Previously, they could only see a cumulative total of money they had ever lent), the amount of their money they have received back from borrowers, and the interest they have earnt on it.
Don’t say we don’t spoil you!
Let us know what you think about these new development in the comments – and what else you’d like to see us build. (Next up is letting lenders ‘top up’ a lending offer with less than £500 – another much nagged about feature 😉 )