“Big three” now City dwellers

By Ryan Weeks on Thursday 9 June 2016

Alternative Lending

Zopa is relocating to London Bridge, meaning all three of the UK’s largest P2P lenders will soon be City-based.

Zopa has leased 25,252 square feet on the first floor of Cottons Centre from Network Rail at a headline rent of £55 per square foot, with a lease length of 7.5 years, according to PropertyWeek.com. Cottons Centre is just a short walk away from London Bridge – a stone’s throw from the City.

Zopa, the largest of the UK’s peer-to-peer platforms by cumulative lending volume, is the last of the P2P triumvirate to make its way over to the City. Funding Circle changed its registered address on the 2nd of September, moving from near Blackfriars to 71 Queen Victoria Street, where the small business lender took two former trading floors in the Royal Bank of Canada’s old office. Funding Circle has since turned one of these floors into shared office space for startups. RateSetter acquired 20,000 square feet of office space on the 6th floor of 55 Bishopsgate in December 2015.

But while the migration to the City is complete, the platforms seem keen to retain that certain je ne sais quoi that is the hallmark of a fintech workplace. RateSetter’s meeting rooms are named after famous London markets and are brightly coloured. Funding Circle HQ features table tennis tables aplenty and a chic canteen. WeWork in Moorgate has a free-beer-on-tap policy. We’ll have to wait to see what Zopa brings to the party. 

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