Finance & Economics

Zopa Bank Raises £75 Million

Zopa Bank has announced the receipt of financing in the amount of 75 million pounds for the implementation of the next stage of expansion of the scale of activities in the UK market.

Zopa Bank Raises £75 Million

Source: Pixabay.com

The leading digital bank will use the received financial resources as a material base to stimulate transactions related to the processes of mergers and acquisitions during the first quarter of 2023.

The current value of the shares of the financial institution is not reported. At the beginning of 2021, one share of the bank was worth 750 pounds sterling. This figure was achieved after raising funding in the amount of 220 million pounds under the leadership of Softbank Vision Fund 2.

Zopa Bank has a significant advantage compared to other digital money platforms, which is that this financial institution has received a banking license. The license allows it to operate on the same scale as other operating banks and applicant banks.

Zopa Bank has distributed more than 400 thousand credit cards and received deposits worth 3 billion pounds.

Zopa Bank CEO Jaidev Janardana says that the financial institution follows a strategy of a flexible and dynamic approach to credit risks. This means that the bank will approach the lending process with maximum caution in the conditions of external financial turbulence.

Also, Jaidev Janardana is convinced that his business will be within the limits of sustainability due to large volumes of loans, which are comparable to the indicators before the coronavirus pandemic, and the continuous implementation of innovative solutions. The General Director of the bank noted that investors share the desire of the financial institution to make the most of the opportunity of a large number of customers in several product categories. Jaidev Janardana believes that 2023 will be a profitable year for Zopa Bank.

As we have reported earlier, Moov Financial Raises $45 Million.