Zopa surpasses £2 billion in loans as it looks to launch a next generation bank
Zopa has become the first UK-based P2P lender to pass £2bn in loans. That equates to 300,000 loans, matched between 246,000 borrowers and 75,000 investors since 2005, according to the company. Over the last 12 months alone, customers have borrowed more than £703 million.
As Zopa surpasses £2 Billion in loans, the company cements itself as a leader in the UK P2P loan market. Jaidev Janardana, Zopa’s CEO, commented, “We’re excited to be the first UK peer-to-peer lender to pass the £2bn milestone. Over the last 12 years, we’re proud to say we’ve helped a third of a million people get better interest rates for both borrowing and lending.”
Zopa has seen robust growth over the last few years and received a number of industry awards. The company has been named the Most Trusted Personal Loans Provider seven years in a row by Moneywise, Personal Loan Provider of the Year four times by Moneyfacts and received MoneySuperMarket’s loan provider of the year award in 2016. Despite the company’s rise to prominence, Zopa is not resting on its successes in the P2P lending market. The company has plans to launch a next generation bank to join alongside the company’s existing peer-to-peer business. The bank, which is subject to regulatory approval, will enable Zopa to create new and innovative savings and borrowing products.
“The £2bn milestone demonstrates how far we have come, but our journey is only just getting started. Our decision to launch a next generation bank reflects our mission to create better options for consumers and to shape the future of finance,” Zopa’s CEO stated.
While seeking to expand its current product offerings, the company will also remain focused on the UK personal loans market, and look to improve the options available for consumers in the car finance and retail point of sale finance markets, according to Janardana.
Zopa is widely considered to be a pioneer in the UK P2P lending space and has raised approximately $70 million in funding from investors to date.
More here [zopablog]