Zopa, a leading UK-based digital bank with over 20 years of lending expertise, has raised £68 million (€80 million) in a successful equity funding round. The round was led by A.P. Moller Holding, alongside participation from existing investors.
This latest funding will fuel Zopa’s ambitious growth plans, including the launch of its flagship current account in 2025 and the development of a cutting-edge Generative AI (GenAI) product aimed at revolutionizing personal finance management.
Driving Financial Innovation
Zopa has rapidly established itself as a frontrunner in the digital banking sector, serving over 1.3 million customers across the UK. It offers a suite of products designed to enhance financial well-being, such as high-yield savings accounts, affordable credit solutions, and balance transfer tools that help customers manage debt more effectively.
Since launching its bank in 2020, Zopa has garnered £5 billion in deposits and currently holds £3 billion in loans on its balance sheet.
Milestones and Partnerships
This year has been pivotal for Zopa, marked by strategic partnerships with major UK retailers like John Lewis. The bank has also joined forces with Octopus Energy to help consumers transition to green energy by utilizing Zopa’s regulated Buy Now, Pay Later (BNPL) and retail finance offerings.
“Our latest fundraise validates our strong financial performance and growth potential,” said Zopa CEO Jaidev Janardana. “Since launching our bank, we’ve consistently delivered exceptional value and ease to our customers. We’re thrilled to expand into new product categories, serving even more consumers as we work towards becoming Britain’s best bank.”
Commitment to Trust and Compliance
Zopa’s full banking license ensures robust regulatory compliance, safeguarding customer deposits up to £85,000 under the Financial Services Compensation Scheme (FSCS). This commitment to trust and transparency sets Zopa apart from many FinTech competitors.
Recognized Excellence
With an engaged team of 850 employees, Zopa ranks among the UK’s most employee-friendly FinTechs. The bank’s dedication to innovation and customer satisfaction has earned it accolades, including the titles of Best Personal Loan Provider and Best Credit Card Provider at the 2024 British Bank Awards.
As Zopa gears up to launch new services, it continues to redefine the digital banking experience, blending technology, trust, and top-tier customer support.
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