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.”
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.