Leading peer-to-peer lender hits second billion pound milestone after notching its first in August 2015.
Zopa, the world’s original peer-to-peer lending business, has now lent over £2bn to consumers since launching way back in 2005. The company has lent over £700m in the last 12 months alone – a period of pronounced difficulty for many within the marketplace lending space globally.
Zopa has established a number of monthly origination records in recent months, and while small business lender Funding Circle is nipping at its heels, it remains the largest player within the UK’s peer-to-peer lending sector.
Over 300,000 loans have been packed into the £2bn originated by Zopa, with more than 75,000 investors and 246,000 borrowers connecting via the platform over the last 12 years.
After more than a decade of lending to consumers, Zopa announced in November of last year that it would be launching a digital-only bank, and is in the process of applying for a banking licence. Should this succeed, Zopa will join a growing band of digital-only disruptors with banking licences, which includes the likes of Starling Bank, Atom Bank and Monzo bank.
“Over the last 12 years, we’re proud to say we’ve helped over a third of a million people get better interest rates for both borrowing and lending,” said Zopa’s CEO Jaidev Janardana (pictured above). “The £2bn milestone demonstrates how far we have come, but our journey is only just getting started. Our decision to launch a next generation bank reflects our mission to create better options for consumers and to shape the future of finance.”
Some added perspective on Zopa's achievements from AltFi Data below...
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.