Zopa passes £4bn milestone

By Daniel Lanyon on Friday 1 February 2019

Editor's PickAlternative Lending

The peer-to-peer lending platform saw strong ISA inflows last year, reported a return to profitability and closed the year having secured a banking license.

Zopa has become the first peer-to-peer consumer lender in Europe to reach the £4bn lending milestone, showing the firm has has hit £1bn of lending in the past 12 months.

A spokesperson for Zopa, the first ever P2P lending platform, said the firm was targeting a faster run rate for the next £1bn of lending suggesting the £5bn mark could be hit before the end of 2019.

“We expect lending to continue to grow throughout 2019 as more and more people look for competitive rates and a great customer experience,” they said.

Zopa says this £4bn has been lent - since 2005 - to 170,000 people financing a new car, 135,000 consolidating debt and 110,000 people for home improvements

Jaidev Janardana, Zopa’s CEO, has facilitated loans between approximately 500,000 people.

"We’ve created a new asset class and redefined the experience people have come to expect from their financial provider," he said. 

Zopa is in the final stages of launching a new “next generation” bank later this year, after receiving its banking license in December 2018.

“After gaining its bank licence with restrictions in December 2018, Zopa will now bring a wider suite of fair, simple and easy to manage financial products and use its tech know-how to provide a bank that’s fit for the future," he added. 

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.