Jacob Neidhardt
LONDON, UNITED KINGDOM – December 6, 2024
Zopa, a leading UK-based digital bank, has secured £68 million in an equity funding round led by A.P. Moller Holding, with participation from existing investors. This funding will support Zopa’s ambitious plans to launch a flagship current account and a Generative AI (GenAI) financial proposition designed to redefine customer interaction with their finances in 2025.
Building on a Strong Foundation
Since its inception in 2020, Zopa has combined the agility of digital banking with over 20 years of lending expertise, serving 1.3 million customers. The bank has processed £13 billion in loans, amassed £5 billion in deposits, and holds £3 billion on balance sheets. Its innovative offerings include regulated Buy Now, Pay Later (BNPL) and retail finance products.
CEO Jaidev Janardana emphasized Zopa’s commitment to delivering meaningful financial solutions:
“This funding validates our financial performance and supports our vision to build Britain’s best bank, offering great value and ease to millions of customers.”
Pioneering Innovation with GenAI
Zopa’s GenAI-powered solution will leverage advanced AI to provide customers with personalized insights and tools, empowering them to better manage their finances. This aligns with Zopa’s focus on customer-centric innovation and its mission to transform financial health.
Chetan Mehta, Head of Growth Equity at A.P. Moller Holding, remarked:
“Zopa’s remarkable customer centricity and robust business model position it to create lasting value for millions of UK consumers.”
Expanding Offerings and Market Presence
The funds will also fuel Zopa’s ongoing partnerships and entry into new markets:
• Collaborations with major UK brands, including Octopus Energy and John Lewis, to provide better-priced credit and market-leading savings products.
• Continued expansion of its product suite to solidify its position as a trusted banking partner.
Positioned for Growth and Impact
Zopa achieved annual profitability in 2023, reporting £15.8 million pre-tax profit, and anticipates doubling profits in 2024. Holding a full banking license, Zopa offers deposit protection through the Financial Services Compensation Scheme (FSCS), ensuring up to £85,000 per account is safeguarded.
With this investment, Zopa is set to redefine digital banking and elevate customer experiences, reinforcing its commitment to financial innovation and sustainable growth.
For more information, visit zopa.com.
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Location: London, United Kingdom
