The last six weeks have been some of the most exciting since we launched Zopa eight years ago. The whole team has been working to deliver improvements to Zopa and the way we help people grow their savings and get fair, low-rate loans.
The big news, as many of you may have already seen, is our new product, Zopa Safeguard. We feel passionately about this being the future of Zopa. By far, it is the biggest change since we started eight years ago and has been based mainly on feedback from our customers. We introduced Safeguard to provide a better experience for our savers. Our aim at Zopa is to make sure we are rewarding people who are good with money with the best rates – whether you want to grow your savings or find a loan. Safeguard is helping provide additional protection for savers when they lend through Zopa and delivering competitive rates for our borrowers. On the lending side we have made the whole process much easier with the launch of tracker rates and Safeguard fund.
So far since we launched Safeguard back at the end of April we have seen over 15,000 members create a Safeguard offer and over £16m lent through Safeguard in its first six weeks.
Alongside the launch of Safeguard we also hit a huge milestone by reaching £300m in money lent to borrowers in the UK. This is a huge achievement and even more amazing when over £105m was lent in the last 12 months. Zopa’s rapid growth highlights people’s increasing desire to move away from banks to get a better deal. Huge credit to our expert underwriting team who worked so hard to reach the £300m number to coincide with our Safeguard launch.
In wider industry news, we are working closely with the P2PFA (Peer-to-Peer Finance Association) and important government departments to ensure that the industry continues to protect the interests of customers, ahead of the planned regulation due in April 2014.
Aside from all of this great news, we have also been busy planning our Summer Party and some of you may already have tickets. This year’s party is expected to be a great night and the entire Zopa team is looking forward to meeting some familiar and new faces over a few drinks.
We have also had some very positive press recently, which has helped raise even more awareness of Zopa and P2P lending in the UK. Also we will be attending the MoneyWise Customer Service Awards this evening and are hoping to make it a fourth win in a row for Most Trusted Loan Provider. Fingers crossed and we will keep you posted on how we get on.
We hope that provides a bit of an insight to what we have been working on and here’s looking forward to the summer. As always, we would to love hear from you if you have any great stories about your borrowing or lending experiences, please do drop us an email at email@example.com.
Thanks, Zopa Team