ZOPA has raised £60m in its largest funding round to date, to help fund the capital needs for its soon-to-launch bank.
The peer-to-peer consumer lender, which first announced plans to launch a bank in late 2016, commenced a funding round earlier this year, raising £44m in its initial stages.
It said on Thursday that it will use the latest round of investment “towards the capital needs for its next generation bank”, which it expects to launch “soon”.
It also said it plans to expand its product offering.
The investment round included a mix of new and existing investors, Zopa said.
“This new funding takes us a step closer to realising our vision of being the best place for money in the UK,” said Zopa’s chief executive Jaidev Janardana (pictured).
“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.”
Zopa has lent out more than £3.7bn since launching in 2005 and achieved full-year profitability last year for the first time since 2012.
A Sky News report earlier this year suggested that Zopa was looking to raise money ahead of a stock market listing.