Zopa Bank has crossed the £3 billion deposits milestone.
The London FinTech says its customers have collectively opened 150,000 accounts to grow their savings faster. It aims to make the hundreds of billions of “zombie money” sitting idle in UK current accounts work harder.
With 850,000 customers, the company also offers credit cards, personal loans, auto finance, money management and financial health tools.
Since launching its bank in 2020, Zopa has attracted £3bn in deposits, more than £2bn of loans on balance sheet and issued close to 350,000 credit cards.
“This is an important milestone that reinforces our belief that our proposition centred around fairly priced credit and attractive returns on savings has become a lot more relevant in today’s environment,” said chief strategy officer Merve Ferrero.
“Our fresh take on the saving needs of UK consumers drives every aspect of product innovation at Zopa.
“Savers should look for value and consider savings options that combine a high interest rate, good service, flexibility, and tools to manage their money instantly with a few taps from their smartphones.”
A £220 million funding round in late 2021 saw Zopa, led bv CEO Jaidev Janardana, become a unicorn. It delayed its plans to IPO in 2022 “to wait for the right moment”.