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Peer2Peer Finance News | July 19, 2019

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Zopa stops taking new money transfers

Zopa stops taking new money transfers
Kathryn Gaw

ZOPA has stopped accepting new money transfers on its site, as it begins setting a cap on all investments.

The UK’s largest peer-to-peer lending platform, which has recently announced plans to launch a digital bank, currently displays the following message on its website:

“We are not accepting new money transfers. Any new money transfers into the platform will be refunded directly to your bank account.”

It is believed that this is a temporary measure introduced in response to longer-than-usual allocation times. However, Peer-to-Peer Finance News has learned that the firm has also started trialling a new scheme which will see a cap placed on the amount of money which customers can invest through the site at any one time. The caps will be reviewed on a daily basis, and if they prove effective, there are plans to implement it as a full-time feature going forward.

Zopa was unable to say when it would start accepting new money on the site again, but it is unlikely to take place until the investor queues have been significantly reduced.

Money is usually matched within five days on the site, and Zopa has indicated that it is stopping new money transfers to avoid even longer queues. According to a company representative, the classic account currently has a queue of between five and 13 working days, the Plus account is between four and 11 days, and the Access account is between one and three days.

Read more: Zopa takes recruitment in-house as it scales up the business

Read more: Zopa eschews “fast money” investors