The move comes shortly after the platform hiked investor rates for the first time in years.
Zopa has been closed to new investors since early 2017 – but no more. The leading consumer lending firm has once again re-opened its doors to new investors.
These customers will be free to invest in either the platform’s Core or Plus products, which can be done with or without the Innovative Finance ISA wrapper. The platform’s community of over 60,000 investors have continued to invest over the last 12 months while newcomers have been barred.
Zopa introduced a waiting list in March 2017 in order to prioritise existing customers. Its lending volumes grew by 43 per cent last year, despite the lack of new money on the platform. In November, the company became the first consumer lending P2P platform to disburse more than £100m in a single month.
Last week Zopa raised its target investor rates for the first time since 2015, to 4 per cent in Core and 4.6 per cent in Plus. Investors can also now transfer existing ISAs into Zopa’s IFISA offering.
Today, Zopa announced that existing customers can refer a friend to Zopa and earn a £50 referral fee – a perk that is commonplace across the peer-to-peer space. Those referrers will also earn a "fast pass", which they can use to move their friends up the queue.
“Together with our customers we have successfully championed for peer-to-peer lending to be given ISA status and we’re delighted to offer our customers returns of up to 4.6 per cent,” said Zopa’s chief product officer Andrew Lawson (pictured). “With cash ISA returns at their lowest point on record, customers have an opportunity to transfer their old cash ISAs and invest in peer-to-peer lending, without affecting their current year’s ISA allowance.”