The UK’s original peer-to-peer lender is taking steps to more deeply embed itself in day-to-day life.
Zopa has established a commercial arrangement with an energy technology company by the name of Flowgroup. Focused on providing alternative and efficient energy products, Flowgroup will henceforth allow its customers to purchase a new type of low carbon boiler via a Zopa loan. The Flow boiler itself is being touted as something of a game changer. The way customers will pay for it - all the more so. Customers will be able to make use of an unsecured, Zopa-funded personal loan in order to fund the purchase of a Flow boiler. Repayments are spread over 5 years and should be off-set by the reductions that purchasers will see materialize in their home energy bills thanks to the cost-effective boiler.
Giles Andrews, CEO and Co-Founder of Zopa, weighed in:
"We are delighted to be working with Flow on such an innovative and disruptive product offering. This unique commercial deal offers consumers a low-cost loan to fund an innovative money saving boiler from Flow and our lenders get a great return for funding these loans. Flow has an excellent track record in providing value and great customer service, two key things that Zopa values in a business. We look forward to making people's home work harder for them, just like their money can work harder by lending it through Zopa."
Flowgroup will introduce its customers directly to Zopa for finance – having now come under the regulation of the FCA. It's an intriguing tie-up that could serve as a bountiful new source of borrowers for the Zopa platform. Partnerships of this ilk are a sensible origination strategy, not just because they open up new avenues of customer traffic, but also because they lodge Zopa more firmly into the minds of the purchasing public.
Tony Stiff, Group CEO of Flowgroup, also commented:
"We intend changing the home heating and home energy markets. Zopa is doing the same in the personal ffsonal finance industry. Both companies share a belief in the necessity of innovating and providing an enhanced customer offering in order to drive growth. We believe this relationship represents a great opportunity for Flow to support its boiler offering. Being granted FCA authorisation for limited credit broking underpins this offer and completes our customer proposition."