Is it just us or did October fly by? As always there has been a lot going on here at Zopa, including company accolades, peer to peer milestones, record lending figures and regulation. You will find a quick update on each below as well as a couple of extra things that have been going on here at Zopa towers.
Not content with just reaching an industry milestone in the UK by lending £400 million since we launched in 2005, we have also seen a record lending week, reaching £5.8m, and more importantly a RECORD MONTH in October by lending just under £25 million and approving over 3,700 loans which have been covered by Safeguard. That works out at over £1m lent each operating day, not too bad when it equates to 200% increase from last October. Lending £25m in a month is a significant sign of the UK’s increasing adoption of Zopa as an alternative to banks and their poor rates.
We were also named as one of the UK’s Future Fifty companies, as part of a programme being led by Tech City and in partnership with the government. The Future Fifty programme, is a fast-track scheme to support high-growth businesses scale and reach their full potential. Zopa is one of 25 leading companies that are considered to be among the most promising, high potential growth businesses in the UK. More about this can be read on our previous blog post.
Wider industry news this month focused around the FCA’s most recent draft Consultation Paper, outlining the planned regulation on peer to peer lending due to come into effect in April 2014. The call for regulation is something Zopa has spearheaded as the founding member of the P2PFA. We will be reviewing the draft report and will be providing our feedback through the P2PFA. One of the initial points raised is around the naming of the activity as the government and P2PFA had settled on defining it as Peer to Peer Lending but the FCA has now confused matters and the industry by naming it Loan-based Crowd Funding. The P2PFA’s chair Christine Farnish has come out calling for name change to make it clear to consumers what we do and to avoid any future confusion. Zopa was mentioned in over 110 news articles across national papers and online highlighting our response to regulation and noting our milestone in reaching the £400m lent to consumers.
We want to thank our savers for being such enthusiastic supporters of the cash back promotion we ran last month. We saw four times as much funding this September than the year before.
Charity and good will
As a bit of fun and for a good cause, some of the Zopa guys in the office will be taking part in Movember to raise money for men’s health by growing a moustache. We will share more photos of the boys and how their Mo’s grow each week so keep an eye out on Twitter and Facebook for updates. Here is a quick snap of them getting ready for the MOnth ahead.
That’s all for October, as always, we love to hear from our members about your experience with Zopa, so please keep sending in your stories to us at (firstname.lastname@example.org). Also please keep spreading the word about Zopa – we reward members who successfully sign up their friends and family if they go on to borrow any amount or lend over £2k. More information about how you can share your member URL can be found in your lending dashboard.