Zopa, a London, UK-based digital bank, raised £75M in Tier 2 Capital.
The backers were not disclosed. This financing brought the total capital raised by Zopa Bank to £530M, with £150M raised in 2023 alone.
The company intends to use the funds to accelerate growth and expansion.
Led by CEO Jaidev Janardana, Zopa Bank is a real bank* (In contrast to fintechs and e-money institutions) with a P2P heritage, 18 years of lending experience, as well as £8 billion funds in personal loans approved. This year alone, it launched a regulated BNPL product and a smart ISA to serve more customers. Launched in 2020, the bank has attracted £3.5 billion in deposits, more than £2 billion of loans on balance sheet, and issued 470,000 credit cards. Zopa now serves 1 million customers and generates £250m in annualised run rate revenue. It is expected to serve 5 million customers by 2027.
FinSMEs
08/09/2023
*Zopa Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.