Zopa financial institution has hit the £2 billion deposit mark, simply two years after the previous P2P lender launched its challenger financial institution.
A Zopa spkesman says: “With rising inflation, power costs, and lease will increase including appreciable stress on client funds, Zopa’s ambition is to make the billions in “zombie cash” sitting idle in UK present accounts work tougher.”
Zopa in April achieved a uncommon feat amongst UK challenger banks, hitting profitability for the primary time simply 21 months after buying its UK banking licence.
Since launching its financial institution in 2020 Zopa has attracted £2 billion in deposits, greater than £1.5 billion of loans on stability sheet, issued 350,000 bank cards, and tripled (3x) its income per buyer.