Zopa has today announced it raised £44m, closing the first stage of its latest fundraising round. Zopa created the peer-to-peer lending industry in 2005, revolutionising access to loans and investments. Since then Zopa has lent £3.5bn to UK consumers, helping nearly half a million people make more of their money while enjoying a world class experience.
The fundraising comes during an exciting period for Zopa which has seen strong growth, with the P2P business achieving full year profitability in 2017 for the first time since 2012. Zopa will use the latest round of investment towards the capital needs for the next generation bank it has been building.
Zopa’s aim is to create a set of products that customers can feel good about, with no catches on rates or charges, no hassle to use or understand and which cater to the needs of new and existing customers in a fast-changing market.
Jaidev Janardana, Zopa CEO, commented: “We aim to be the best place for money in the UK and we believe that launching our bank is a key next step. It allows us to offer a wider choice of products and to help our customers make smarter choices with their money. This further injection of capital takes us a step closer to that vision and we are delighted that our investors have supported us on this journey.”