The London Bridge-based agency, which was based in 2005 as a peer-to-peer lending enterprise however now focuses on digital banking , says it’s at the moment worthwhile, and expects to make a full-year revenue this yr after surpassing a million prospects. The agency mentioned it’s at the moment worthwhile.
Jaidev Janardana, CEO at Zopa Bank mentioned: “Today’s financing is a clear market validation of Zopa Bank’s financial performance , pointing to strong investor confidence in its growth and in its ability to deliver strong financial performance despite the economic uncertainty.
“As a profitable business, it is also a seal of approval for our responsible and sustainable business model, our strong unit economics, and our vision to build Britain’s best bank.
“We are happy to have investors who share our excitement at the opportunity to serve more customers across more product categories as we get even closer to reaching full-year profitability in 2023 for the first time.”
A Zopa spokesperson mentioned choosing debt as an alternative of fairness funding allowed Zopa to develop “without diluting the equity position of its shareholders”.
The digital financial institution expects to have 5 million prospects by 2027.
Last month, the Standard revealed that Zopa had returned to the peer-to-peer lending market, 18 months after promoting off that arm amid a crackdown on the sector. Zopa had been a pioneer within the peer-to-peer lending market when it launched.
