Zopa savings account tops £1bn in deposits
More than £1bn has been deposited in Zopa’s fixed term savings account since the former peer-to-peer lending platform launched its bank 18 months ago.
Since launching in 2020, Zopa’s bank has attracted £1bn in deposits, and has more than £1bn of loans on its balance sheet. It has issued more than 200,000 credit cards, becoming a top five credit card issuer in the UK, and tripled its revenue per customer.
“Today we’re incredibly proud to announce that our customers have trusted us with more than £1bn of their hard-earned savings,” said a Zopa spokesperson.
“We’ve launched Zopa bank 18 months ago with the bold ambition to create the UK’s best bank for saving and borrowing.
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“With our unique fintech heritage and 16 years of lending experience we focus on better meeting the financial needs of UK customers in sectors where they have traditionally been poorly served, while also delivering an experience that matches their expectations of a digital-first company.”
The Zopa brand was established in 2005, when it became the world’s first P2P lending platform.
In December 2021, Zopa announced that it would be exiting the retail P2P space in order to focus on its newly-launched bank and credit card offering. The firm is also believed to be preparing for a public launch later this year.
Zopa’s fixed term savings account has topped the savings tables 15 times, and pays up to 1.75 per cent in interest over one to five years.
Over the next 12 months, Zopa plans to double its savings portfolio again to reach £2bn in deposits, and it will also launch an easy access savings product and embedded finance solutions.
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