Last month we mentioned that we had broken our record for total amount lent in a day, which stood at £838k. Well, since then we have beaten our own records by hitting the £1 million mark not once, not twice but 6 times amassing a total £20m lent for July.
This is a record not only for Zopa but also for the UK peer to peer lending industry.
Reaching £20 million this month, three months on from launching Safeguard, shows that our members are ditching the banks and embracing the peer to peer way of saving and borrowing to get the best rates. Since launching Safeguard we have also seen a 30% increase in new money coming in to Zopa and the Safeguard fund has grown to over £600,000 to cover savers against borrowers unable to repay.
Giles our CEO said “Lending £20 million in July is fantastic news for our members as well as for the Zopa team. This figure is the biggest amount we have ever lent in a month and highlights the increasing appetite from borrowers and savers to get a better deal by looking at alternative options like peer to peer lending.”
Other news from July
The videos from the summer party have been uploaded to our social channels and if you missed them then you can check them out below. They include an overview of the party and also one of Zopa members talking about why they lend and borrow with Zopa.
The Open Data Institute collaborated with data from the Bank of England to create an interactive experience of the UK P2P industry, broken down by postcode to show the level of lending and borrowing through the P2PFA members (Zopa, Ratesetter and Funding Circle). The ODI’s interactive site highlights the growth of P2P lending in the UK since 2010. It is also the first organisation to use such data and open it up to the general public.
The data has been divided by lenders and borrowers and split between geographic regions down to a county level, so you can see how much your postcode lends and borrowers through P2P. Our favourite part of the report and online tool is the P2P outbreak map which shows how P2P lending has gone viral between 2010 and 2013. Check out your local area and have a play online here.
This generated some interesting articles and even made the front page of the Financial Times.
For some out of work fun, our more energetic team mates ran (not jogged) the Independence Day 10km run in East London, which involved nine team members battling it out on the streets of Wapping in the heat. We even had two finishers in the top 10 in the 10km category – which is brilliant and the less energetic of the team were on hand to hand out post-run drinks at the local pub.
As always, we love to hear from our borrowers and savers about your experiences with Zopa, so please keep sending in your stories to us at firstname.lastname@example.org. Here are a few of our member stories to check out.
Have a great August.