Finance & Economics

Zopa Bank Reports £4 Billion in Customer Deposits

Zopa Bank has announced that it has managed to amass customer deposits of 4 billion pounds.

Zopa Bank Reports £4 Billion in Customer Deposits

It is worth noting that the mentioned significant result was achieved just three years after the former peer-to-peer lender received a banking license.

The gains of a financial institution operating in the virtual space are partly the result of Zoopa Bank using smart individual savings accounts (ISA). The corresponding accounts brought the lender 1 billion pounds in less than a year. The full functionality of the Smart ISA was launched in March of the current year.

For the 2023 financial year, the bank’s profit before tax amounted to 15.8 million pounds. It is worth noting that a year earlier, the financial institution recorded a loss of 16 million pounds.

The lender started its activity in 2020. Currently, the financial institution serves 1.2 million customers.

The bank intends to conduct an IPO. It is worth noting that the corresponding intention is still a plan for the future, the materialization of which does not belong to the category of events shortly. The chief executive officer of the financial institution, Jaidev Janardana, said in April during a conversation with media representatives that the lender was ready to float shares and still wanted to do it in London. At the same time, he noted that low investor sentiment towards the banking sector is not conducive to any listing of fintech companies in 2024.

The financial institution made its name as a pioneer in the area of P2P lending. In 2021, the lender switched to the category of traditional banks. Currently, the financial institution is focused on savings and credit products. By the end of 2024, the bank intends to start offering current accounts to customers.

As we have reported earlier, Zopa Raises $93 Million.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.