£2 billion deposits, claiming to be one of the fastest challenger banks to pass this figure."> £2 billion deposits, claiming to be one of the fastest challenger banks to pass this figure." /> £2 billion deposits, claiming to be one of the fastest challenger banks to pass this figure."> Zopa passes £3bn deposits mark - FStech Financial Sector Technology £2 billion deposits, claiming to be one of the fastest challenger banks to pass this figure.">

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Zopa passes £3bn deposits mark

By Ross Henry Law

Zopa Bank has crossed the £3 billion deposits milestone.

The latest milestone comes around five months after Zopa announced it had passed £2 billion deposits, claiming to be one of the fastest challenger banks to pass this figure.

Restating its ambition to make the billions in ’zombie money’ sitting idle in UK current accounts work harder for customers, the FinTech its customers have collectively opened around 150,000 accounts to date since launching in 2020.

Merve Ferrero, chief strategy officer at Zopa, said: “This is an important milestone that reinforces our belief that our proposition centred around fairly priced credit and attractive returns on savings has become a lot more relevant in today’s environment.”

Last year Zopa and credit marketplace ClearScore launched a new cross-industry initiative aimed at strengthening consumer finances during the cost-of-living crisis.

The initiative pledges to drive 10 million consumer actions by 2025 that "build up the financial resilience of UK consumers" and has since been joined by the likes of Google Cloud and Tandem Bank.

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