Zopa Bank deposits pass £2bn
Zopa’s bank deposits have now crossed the £2bn mark, just two years after the former peer-to-peer lender launched its challenger bank.
The bank said that the milestone was reached due to high demand for its mobile only account – Smart Saver – and its fixed term savings accounts.
The Smart Saver account targets users at the beginning of their savings journey. It has attracted £850m in deposits over the past seven months.
Zopa’s fixed term savings account has a minimum deposit of £1,000 and allows savers to earn a fixed rate of interest for a term of between one and five years. It has attracted £1.15bn over the past 24 months.
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“With rising inflation, energy prices, and rent increases adding considerable pressure on consumer finances, Zopa’s ambition is to make the billions in ‘zombie money’ sitting idle in UK current accounts work harder,” a Zopa spokesperson said.
“Since launching its bank in 2020 Zopa has attracted £2bn in deposits, more than £1.5bn of loans on balance sheet, issued 350,000 credit cards, and tripled its revenue per customer.”
Zopa originally launched as the world’s first P2P lending platform in 2005. In 2020, it pivoted to become a challenger bank. Earlier this summer, Zopa sold its winding-down P2P business and it was rebranded as Plata Finance.
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