A P2P lender which obtained its banking licence last year has raised £20 million from its existing investors.
Zopa was launched in 2005 as a peer-to-peer lender and was awarded its full banking licence in June 2020.
Zopa has launched fixed term savings accounts and a credit card to UK consumers alongside its personal loans and auto finance solution.
The digital bank has already attracted over £250m in deposits and become a top 10 credit card issuer in the UK in terms of new customers originated.
Zopa has seen annualised revenue per customer almost doubling across the period since launch.
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“Less than a year since launching our bank, we have exceeded our plan for growth, both in terms of customers and balance sheet,” said CEO Jaidev Janardana.
“This capital injection will enable us to continue on this accelerated path. Our strong entry to the UK savings and credit card markets shows the organic appeal of our products and we are happy to have investors who share our excitement at the opportunity to serve more customers across more product categories.”
To date, Zopa has leant more than £5bn to low-risk UK customers via its unsecured loans, credit cards and car finance products.
The round was led by IAG Silverstripe, with participation from a number of investors including Augmentum, Waterfall managed Alternative Credit Investments and Venture Founders.