We have today announced that Zopa is partnering with Metro Bank to allow the bank to lend its funds on our platform, a first of its kind in the UK.
This exciting development in the UK’s financial services industry is the first partnership between a UK P2P platform and a retail bank. The move will see Metro Bank receive a return by lending millions of pounds each month directly to UK consumers through Zopa.
Additionally, the partnership is evidence of how P2P platforms like Zopa have matured and how banks can successfully collaborate with trusted P2P platforms to provide better value to consumers and revolutionise the UK banking sector.
Metro Bank will be helping to fund our borrowers by getting a loan to finance a car, home improvement or consolidate existing debts such as expensive credit card debt, and in turn generate an attractive rate of return in the same way our individual lenders do.
Giles Andrews, CEO and co-founder of Zopa, added: “This is another milestone for Zopa and the P2P industry as this partnership brings together two key challengers to the traditional financial services landscape and signals our intent to become a mainstream service. Partnering with Metro Bank is an exciting move for Zopa as I believe both companies share the same values in providing exceptional customer service but through different channels.”
Craig Donaldson, Chief Executive Officer at Metro Bank commented: “At Metro Bank we’re committed to revolutionising UK banking and we’re delighted to have partnered with Zopa, a fellow financial challenger. We are continually looking to work with partners that can benefit our customers and Zopa are the perfect players in the P2P space to help us lend funds to consumers.”
“The partnership we have with Zopa is a cultural fit that works perfectly with our commitment to providing a convenient and customer-focused banking experience and we look forward to working with them closely.”
We want to reassure our individual lenders that this deal will in no way have a negative effect on the lending experience at Zopa, as we will continue to prioritise our retail customers over institutions as we aim to meet an increasing demand from borrowers.