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. 

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