United Kingdom-based peer-to-peer (P2P) lender Zopa has hit 1 billion pounds ($1.36 billion) in customer deposits 18 months after becoming a bank, according to a company announcement emailed to PYMNTS on Wednesday (Jan. 19), noting it’s aiming to reach 2 billion pounds ($2.73 billion) in deposits within the next year.
In addition to securing 1 billion pounds in deposits, Zopa also has more than 1 billion pounds worth of loans on its balance sheet, has issued more than 200,000 credit cards, tripled its revenue per customer and is on track to be profitability soon with an initial public offering (IPO) slated for later this year, the company said.
Zopa offers fixed-term savings accounts that deliver a headline rate of up to 1.75% over one to five years. The account can be opened in as little as seven minutes online, Zopa officials say, and is fully protected by the Financial Services Compensation Scheme (FSCS) up to 85,000 pounds (almost $116,000).
The lender plans to market its first easy-access account in the next several months.
“Today’s milestone is a testament to our customer-centric approach to innovation that strives to deliver products that tackle real financial needs,” Zopa said in the announcement. “With our unique FinTech heritage and 16 years of lending experience, we focus on better meeting the financial needs of UK customers in sectors where they have traditionally been poorly served, while also delivering an experience that matches their expectations of a digital-first company.”
Related: UK P2P Lender Zopa Nets $303M
In October, Zopa raised 220 million pounds (almost $304 million) in a round led by SoftBank Vision Fund 2, with contributions from Silverstripe, Northzone and Augmentum.
The funding will give more ammunition to Zopa in assisting more U.K. customers in improving their finances and offering easier access to borrowing and saving products, the company said at the time.
Zopa received its bank license in June 2020, formally launching Zopa Bank. As PYMNTS reported at the time, the bank license allowed the lender to begin offering savings accounts and credit cards in addition to auto and personal loans.
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