British digital bank Zopa has announced that it has managed to raise 80 million euros (about $85 million) as part of the equity funding round.
The mentioned virtual financial institution intends to use the money received to implement efforts to accelerate its growth and launch new products.
The digital bank expects its revenue to grow by 35% this year. In 2025, the virtual financial institution intends to launch a flagship current account. The relevant information is contained in the digital lender’s press release.
In the mentioned press release, it was noted that the virtual financial institution, having a strong business performance, sees opportunities for imminent market expansion, acquisitions, and a major push of generative artificial intelligence.
Zopa chief executive officer Jaidev Janardana stated that the bank is thrilled to have investors who share its excitement with the opportunity to serve customers in more product categories. The desire of the digital lender to become a financial institution with a consumer base of millions of people was also noted.
Zopa was founded in 2020. Currently, the virtual financial institution has a full banking license, 5 billion pounds (about $6.4 billion) in deposits, and 3 billion pounds in loans on its balance sheet. The relevant information is contained in the digital lender’s press release.
The last funding round of a virtual financial institution was led by A.P. Moller Holding. This information is contained in the digital lender’s press release.
As we have reported earlier, Argil Raises $5.2 Million.
