ZOPA has hit the £4bn lending milestone.
The peer-to-peer consumer lender said the milestone equates to 170,000 car loans, 135,000 debt consolidation loans and 110,000 home improvement loans, since it started lending in 2005.
“Since pioneering the P2P lending industry globally in 2005, Zopa has helped over half a million people enjoy better value personal loans and investments,” said Zopa’s chief executive Jaidev Janardana (pictured).
“We’ve created a new asset class and redefined the experience people have come to expect from their financial provider.
“Passing £4bn shows that people want fairer and simpler financial products, underlining our ambition to meet a broader set of UK customers’ financial needs though the launch of our next generation bank.”
Zopa, which recently rebranded itself as the FeelGood Money Company, is readying to launch its digital bank, having gained a bank licence with restrictions in December 2018. It is planning to introduce a range of new products this year, including a fixed-term savings account, credit card and money management app.
It is the second UK P2P platform to reach the £4bn milestone, following P2P business lender Funding Circle. A fourth-quarter update released by the FTSE 250-listed firm last month showed that UK investors have now funded £4.6bn of loans between 2012 and 2018.