Zopa steps into price comparison, launching its own energy switching service 

By Aisling Finn on Wednesday 27 January 2021

Digital Banking

The new service was built in collaboration with Decision Tech, a branch of the MoneySuperMarket Group. 

Zopa steps into price comparison, launching its own energy switching service 
Image source: Clare Gambardella/Zopa

In another step towards becoming an all-encompassing banking service, Zopa has added an energy switching and comparison platform to its app. 

The digital bank, which started its life out as a peer-to-peer lender, says that the new tool will be free for anyone to use and will give customers the chance to compare energy offers and ultimately help them save money.

With the help of Decision Tech, a subsidiary of the MoneySuperMarket Group, Zopa will show customers available energy suppliers and could help users save up to £286 per year on their energy bills.

Clare Gambardella, chief customer officer at Zopa, said: “People are generally reluctant to switch energy providers, but it is one of the easiest ways to cut down on monthly outgoings. We wanted to make it as simple as possible for people to identify how much money they could save on gas and electricity so that they can feel good about their money as they head into 2021.” 

“Finding the best deals, rates and services available shouldn’t be difficult, that’s why we’re adding more tools to our app that help people gain better control over their finances,” she added.

The latest addition to Zopa’s app joins other free-to-use features such as the fintech’s credit score and credit health borrowing tool, which gives users tangible ways to improve both their credit score and Zopa loan rates.

By adding another notch to its belt, Zopa has taken a further step away from being seen as “just” a peer-to-peer lender, and is now becoming a well-rounded digital bank.

After being awarded its full banking licence in June 2020, Zopa has continued to chip away at the likes of Monzo and Starling and has launched banking products such as its long-awaited credit card and a fixed-term savings account

Founded in 2005, Zopa disrupted the alternative lending space, becoming one of the first peer-to-peer lenders on the market, but as it expands its digital banking offering, it could be time to stop thinking of Zopa as a peer-to-peer lender and instead start thinking of it as a formidable digital banking challenger.

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