The peer-to-peer lending platform has teamed up with CommuterClub to cut the cost of commuting.
Zopa’s loans will finance CommuterClub season tickets, which allow commuters to buy annual travel passes, the cheapest travel tickets available. Commuters pay via monthly direct debits. The firm says that it is cheaper than using monthly or weekly tickets and and substantially less than pay-as-you-go or using contactless cards.
Users can cancel their CommuterClub subscription at any time.
Here is an example of how it works. A person travelling from St Albans to Central London would be able to save £421 annually compared to the cost of a monthly ticket, while someone commuting from Edinburgh to Glasgow could save up to £476.
CommuterClub, which launch in 2014, says it has helped commuters save over £6m.
“Teaming up with Commuter Club will help commuters save money, giving people that little bit extra to spend, save, or invest how they want.”
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.