Peer-to-peer lending platform and digital financial institution Zopa landed some additional funds this week, now that its new banking platform is beginning to take off.

The U.Ok.-based firm pulled in $28 million (£20 million) from present traders, bringing its whole raised to $465 million.

Buyers in as we speak’s spherical embody IAG Silverstripe, which led the spherical, in addition to Augmentum, Different Credit score Investments, Enterprise Founders, and others. The corporate will use the funds to help the expansion of its digital financial institution.

Zopa secured its banking license final June and has since transitioned its platform from a peer-to-peer lending operation to a digital financial institution with a peer-to-peer lending choice. Since that point, Zopa started providing financial savings accounts, which have reached $346 million (£250 million) in buyer deposits, and a bank card product that has made Zopa a high 10 bank card issuer within the U.Ok. primarily based on new clients.

The brand new funding comes at a time when competitors amongst digital banks is at an all-time excessive. Zopa is poised to do nicely within the battle for brand new purchasers and deposits, nevertheless. The corporate has constructed a well-established consumer base, assets, and relationships because it was based in 2004 as a peer-to-peer lending platform.

Zopa CEO Jaidev Janardana echoes this. “Lower than a yr since launching our financial institution, we’ve exceeded our plan for progress, each when it comes to clients and steadiness sheet,” he stated. “This capital injection will allow us to proceed on this accelerated path. Our sturdy entry to the U.Ok. financial savings and bank card markets exhibits the natural enchantment of our merchandise and we’re joyful to have traders who share our pleasure on the alternative to serve extra clients throughout extra product classes.”


Picture by Paweł Czerwiński on Unsplash

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