Zopa has today announced it has raised £60m, closing its largest funding round to date.
Having built a sustainable and profitable peer-to-peer business (achieving full year profitability in 2017 for the first time since 2012), Zopa is expecting to launch its next generation bank soon and expand its product offering.
Zopa will use the latest round of investment towards the capital needs for its next generation bank.
The new injection of capital brings to a close a funding round which began earlier this year. The first stage brought in an initial £44m.
The investment round included a mix of new and existing investors.
Since pioneering the peer-to-peer lending industry globally in 2005, Zopa has helped nearly half a million people enjoy better value personal loans or grow their money, created a new asset class, and redefined the experience people have come to expect from their financial provider.
To date, Zopa has lent more than £3.7bn in unsecured personal loans to customers in the UK.
Jaidev Janardana, Zopa CEO, commented: “This new funding takes us a step closer to realising our vision of being the best place for money in the UK. Having served half a million customers to date, Zopa is set to redefine the finance industry once again through our next generation bank to meet a broader set of UK customers’ financial needs.”