ZOPA is inviting its current investors to start testing its banking products ahead of a full launch.
The peer-to-peer lending giant received its banking licence on 4 December and said its staff – or Zopians – will test the products first before existing customers are invited to take part in trials.
Zopa said its first banking products would be a fixed-term savings account, credit card and money management app.
These will run alongside its existing P2P products, with users able to manage all their products from one mobile app.
“When we can fully launch, we will offer Financial Services Compensation Scheme-protected savings accounts and credit cards,” Zopa said.
“These will run alongside our personal loans and P2P investment products, including our IFISA.
“All our products will be brought together in the Zopa app which will put customers in control of their money and make managing it easier than ever.”
Zopa is currently advertising for a mobile developer to create its app for Android and iPhone systems.
The P2P platform has received a “bank licence with restrictions” ahead of being granted a full licence.
This so-called ‘mobilisation’ phase is where City regulators the Financial Conduct Authority and the Prudential Regulation Authority put some restrictions in place, Zopa said.
It will be granted a full licence once it meets the conditions set by the regulators during this mobilisation phase, akin to the way high street banks are regulated, Zopa added.
It has also developed a new strapline to go alongside its branding, describing itself as “the FeelGood Money company.”