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Peer2Peer Finance News | May 26, 2019

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Zopa hits £250m interest milestone

Zopa hits £250m interest milestone
Marc Shoffman

ZOPA has become the first European peer-to-peer consumer lender to return more than £250m in gross interest to its investors.

The milestone includes earnings of £116m generated for its retail investors and £133m for institutional lenders who back loans on the platform, Zopa said.

“Back in 2005, Zopa created the P2P model, focusing specifically on personal loans as an asset class which offers investors a unique balance of risk and reward,” Natasha Wear, P2P chief executive at Zopa, said.

“We’re delighted that our investors have enjoyed £250m worth of interest by lending to low risk UK borrowers through the Zopa platform.”

Read more: Zopa passes £4bn lending milestone

The platform is currently offering investors up to £100 in cashback if they invest £20,000 or more or more in its Innovative Finance ISA before the end of the tax year.

The funds can either be new subscriptions or transfers.

It comes after a reshuffle by Zopa last month that saw Wear become chief executive of its P2P business and co-founder Giles Andrews step down as chairman.

Wear, who was most recently Zopa’s head of investment products, has helped develop the P2P lending platform’s product offering and operational capabilities, including bringing Zopa’s ISA products to market.

Former Virgin Management chief executive Gordon McCallum has been appointed as the group’s new chairman, replacing 15-year incumbent Andrews, who will retain a seat in the boardroom.

Read more: Zopa heralds IFISA as “the perfect middle ground” for investors