Not only has it been one of the warmest and sunniest Augusts we can remember but it has also been one of the busiest months here at Zopa.
We have had yet another month of beating UK P2P lending records including a RECORD DAY with over £1.42m lent and a RECORD MONTH with £20,067,590 matched between our savers and borrowers. These amazing figures are only ever possible thanks to our members who choose to lend and borrow through Zopa, bypassing the banks to get a better return and for that we are very grateful.
Our CEO Giles said, “Reaching over £20m lent in a month for the second time in a row this year is a brilliant achievement for the team at Zopa, so thank you to all our savers and borrowers who continue to use us. Zopa is growing at a rapid pace and we’re confident we can continue to keep outperforming the banks in both returns for savers and low rates on loans for borrowers. We have some exciting new markets opening over the coming months and will be focused on helping as many consumers and sole traders as we can.”
In wider news we have also launched our S market for businesses. This is an exciting new market that will help sole traders with loans to support and grow their businesses. Initially these loans will be part funded by our savers and money that the government is lending through its Business Finance Partnership. We have already approved one business loan and expect many more to follow over the next few weeks. We will be blogging about some these businesses shortly and the best bit is that they are all covered by our Safeguard.
After three years based North of Soho in London, Zopa will be moving to a new office at the end of the month as we have outgrown our current offices. We will be heading to what is referred to “Mid-Town” near Chancery Lane in London. As you can imagine, we are all very excited to be moving as it allows us to grow our team and put a bit more of our personality into the new space. We will of course post some snaps of the new digs once we have moved in and laid down the welcome mat.
Here at Zopa we are seeing that week by week, P2P lending returns across the industry are continuing to outperform bank savings accounts and cash ISAs, whilst providing a much more reliable return than stocks and shares. Latest figures out from the Bank of England this week and covered in This is Money, highlight how traditional savings returns have fallen over the past 12 months. With the best performing fixed rate savings accounts and cash ISAs just below 2.5% and inflation at 2.8%, this means that money left in these accounts is being eroded and will end up as negative savings in real terms. Compare these to the projected returns from Zopa, currently at 4.8% and averaging 5% over the past 12 months. Zopa is a clear winner, as you can see by the significant gap in the graph below. The difference in return that Zopa provides is almost an 100% increase compared to the next best savings product from the banks.
Now is a perfect time to give your finances a health kick and discover the benefits of becoming a lender to beat inflation. You can start lending with just £10 with Safeguard and signing up online takes just a couple of minutes.
If you are an existing member, don’t forget to share your member URL with your friends and family to receive incentives for getting them to sign up. More information can be found within your account dashboard.
Thanks again for making August a record month and please keep telling us the reasons why you lend and borrow with Zopa at firstname.lastname@example.org as we always love to hear from you.