Zopa passes £2bn deposits mark

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Zopa passes £2bn deposits mark

By Ross Henry Law

25/08/2022

Zopa has passed the £2 billion deposits mark.

The bank said that it is one of the fastest challenger banks to reach the milestone.

With rising inflation, energy prices, and rent increases adding considerable pressure on consumer finances, Zopa said its ambition is to make the billions in “zombie money” sitting idle in UK current accounts work harder for customers.

Since its launch in 2020, Zopa has also issued more than £1.5 billion of loans on balance sheet, issued 350,000 credit cards, and tripled its revenue per customer.

During its funding stages, Zopa raised more than £500 million from early investors including Slack, Uber, and Alibaba.

Zopa recently entered the Buy Now, Pay Later (BNPL) space with an offering called ‘BNPL 2.0’.

At the time, the bank said it was bringing sustainable BNPL lending to the UK market by bringing together the customer centricity of a FinTech alongside the underwriting capabilities of a regulated bank.

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