Zopa has announced a £75 million equity fundraise.
The FinTech said the latest funds would help to drive the next phase of its growth.
The funding will be also used to meet the capital requirements of the bank’s growing balance sheet, it said, and to support M&A dealmaking that could kick off as early as this quarter.
“Today’s equity round reaffirms the support of our investors despite the challenging economic environment,” said Zopa’s chief executive Jaidev Janardana. “It is a clear validation of Zopa’s responsible, sustainable and profitable approach to lending, our strong unit economics, and our vision to build Britain’s best bank.”
He added: “We are happy to have investors who share our excitement at the opportunity to serve more customers across more product categories.”
Zopa recently passed the £3 billion deposits mark.
The milestone came around five months after the bank announced it had passed £2 billion in deposits, claiming to be one of the fastest challenger banks to pass this figure.
Latest News
-
Revolut reveals 2025 vision featuring AI assistant, mortgages, and ATMs
-
ZA Bank launches cryptocurrency trading in ‘Asia first’
-
BIAN launches new developer tools
-
Canadian banks leading on AI, says founder of Evident AI Index
-
Barclays fined £40m over Qatar fundraising failures from 2008
-
Mastercard Multi-Token Network connects to JP Morgan’s Kinexys Digital Payments for settlement
.jpg)
The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.
Building a secure financial future for instant payments: The convergence of ISO 20022 and fraud detection
The financial landscape is rapidly evolving its approach to real-time transactions under the ISO 20022 standard, and financial institutions must take note. With examples such as the accelerated adoption of SEPA Instant Credit Transfers in Europe and proposed New Payment Architecture (NPA) programme in the UK, the need for swift and effective fraud detection is more crucial than ever.
Data Streaming and Consumer Duty: Transforming customer experience in banking
Introduced at the end of July, the Consumer Duty is a game-changing new set of rules and guidance for financial services institutions in the UK, and companies must look to modernise their systems in adherence with it in mind to create the best customer experience possible.
From insight to action: Empowering financial institutions through advanced technology and collaborative information sharing
The use of Information sharing in enhancing financial crime prevention has been universally agreed as being beneficial. However no-one has been able to agree on how information can be shared safely without breaching data protection laws or having the right systems to facilitate this, Information sharing has re-emerged as a major consideration for financial institutions (FIs) ahead of the Economic Crime and Corporate Transparency Bill being made into law in the UK.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories