Zopa reviewer aims to raise £250,000

A financial services consumer research and ratings firm that has reviewed Zopa’s credit card and customer experience is aiming to fundraise £250,000 in a Crowdcube campaign.

Fairer Finance is 75 per cent towards meeting its target having raised £189,436 from 87 investors with 23 days remaining.

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The company produces ratings for customer experience and products including insurance, banking and savings, funeral plans and wills, equity release and investing and pensions, including self-invested personal pensions.

The research and reviewer firm has given Zopa’s credit builder and foreign use credit cards both a four-star rating and as of Spring this year awarded its customer experience a gold ribbon, ranking the business second for this category out of 24 personal loan providers reviewed.

Fairer Finance aims to use the proceeds from the Crowdcube campaign to expand into more banking and insurance sectors and grow its consumer presence, helping it to strike deals with comparison sites and sign up more companies to its insight services.

The company said it will also expand its campaigning work, doubling its efforts to create a fairer market for consumers.

Zopa Bank revealed details of its first credit card at the end of October and its savings range in August.

The bank has received regular reviews, not just from Fairer Finance but also by financial analysis company Moneyfacts.

In September, Zopa’s one-year fixed term savings rate was awarded a top rating by Moneyfacts, just one month after launching its debut savings range.

Then in November, Zopa Bank’s two-year fixed rate savings account dropped off the top of the best buy tables after cuts were made to its whole range.