Digital bank Zopa has reported a doubling of its full-year profits ahead of the launch of its ‘flagship’ current account.
Zopa doubled profit before tax to £34.2m for the financial year ending 31st December 2024, with total revenue increasing 30.2% to £303.4m.
Zopa’s customer base grew 28.1% to 1.4m in 2024 across its product set in savings and lending.
Over the period, the bank’s deposit base surged 62.5% to £5.5bn, while loans on balance sheet rose 16.2% to £3.1bn.
Zopa, launched in 2020, says its focus on cost efficiency has delivered a cost-to-income ratio of 37.7% through the period of growth.
“2024 was another standout year for Zopa,” said Jaidev Janardana, CEO. “We grew our customer base to 1.4 million, achieved over 30% revenue growth, and doubled our profit before tax — all against the backdrop of a challenging UK economy.
“The next phase of our ambition is to address an even larger share of our customers’ financial needs by expanding the Zopa product set into everyday banking.
“Our focus remains on building products that genuinely delight — showing that financial services can provide real value, money management can be effortless, and long-term relationships can give customers confidence in every financial decision they make.”
New partnerships and delivery channels further expanded the reach of its products into new verticals. Last year, Zopa joined forces with Britain’s largest electricity supplier, Octopus Energy, to enter the UK’s £23bn renewable energy market.
It also partnered with retail giant John Lewis to offer personal loans directly to its 23m customers.
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