Zopa goes from strength to strength
It’s been a good month for Zopa. July ended with Zopa lending out over £52m, a monthly record for the leading UK P2P outfit.
For the record, its previous best month was a mere £45m. Lending total at Zopa have more than doubled year-on-year and the running total for the first seven months of the year is £220m, ahead of its total lending in all of 2014.
Give it a few weeks and total lending to date for Zopa will exceed £1bn since it set up shop.
It’s just as well really that Zopa has attracted a diverse range of funds in addition to only retail deposits as reliance on just source of funding would not be sufficient to keep pace with the lending demand.
Reasons for the Zopa success story are many but a user friendly digital platform, effective risk modelling and analytics and award winning customer service will do to be going on with.
Zopa’s JV’s this year with Metro Bank and Uber will serve only to provide a further boost. As an aside, Giles Andrews the Zopa co-founder and CEO features in the Digital Banking Club European Financial Services Power 50 – one of the easiest calls for the judges – and Zopa also snapped up an award at May’s RBI Annual Awards for Best non-bank competitor.
Chances are that any Zopa update later this year will conclude that it has been a rather good year for Zopa.