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Zopa breaks £400m milestone

It is official. We have now lent over £400 MILLION to UK borrowers since we launched in 2005 and are driving the UK’s peer to peer industry into the mainstream. Late last night our money lent ticker (from our homepage) rolled over to the new milestone, hot off the back of a £5.8m record lending week.

Reaching £400m means we have lent £100m in just over six months, that’s a quarter of our total, lent in just two quarters! This rate of growth highlights the success of Safeguard with 172% increase in lenders adding new fund to their accounts compared to this time last year. These figures show how consumers are fully embracing peer to peer lending as an alternative way to save and borrow, bypassing the banks to get a better deal and making their money work harder for them.

Reaching these fantastic numbers is only possible due to people willing to try something new and lend their hard earned savings to other hard working borrowers. Without our customers Zopa and peer to peer lending would not exist. We are always working hard to provide the best rates possible for both sides, so that we balance being the most competitive in terms or lending and borrowing.

Our very own Giles said, “Lending £400m is a fantastic achievement and a great sign of the appetite that UK savers and borrowers have to get a better deal through peer to peer lending. Zopa is growing faster than ever, lending at a rate of 3 times compared to the same period last year. As the world’s first P2P lender we are very proud to reach this industry milestone, made only possible by the support of our savers and borrowers. UK savers seem to have been forgotten by the banking establishment, so it is not surprising more people are giving Zopa a try.”

We also have to say a huge thanks to the great team we have here at Zopa who work day in and day out to ensure we can keep growing and moving forward. Being at the forefront of the UK’s peer to peer lending industry is an amazing place to be. We expect to lend £200 million this year alone, reaching half a billion pounds ahead of planned FCA regulation due in April 2014.

If you are new to Zopa then you can start by lending just £10, joining 43,000 other sensible savers who lend each week. You can also read what our lenders and borrowers think of us on our member’s stories page.

Existing members can also benefit from our refer a friend programme by receiving £50 for every new borrower that takes out a loan and for any new lenders that go on to lend £2,000 or more. We have also made it much easier to work out how much you could earn from Zopa through our savings calculator to help show you the interest you could earn in real money and not just a per cent sign.

Thanks again for reading and roll on half a billion.