Zopa Bank, a UK-based deposit accounts, personal loans and credit cards provider, has raised more than €80m in an equity funding round led by A.P. Moller and existing investors.
The funding will support Zopa’s continued expansion as it prepares to launch its flagship current account in 2025. It will also enable the development of a generative artificial intelligence (AI) proposition aimed at transforming finance management.
The British online bank has projected a doubling of its profits and a 35% rise in annual revenue for 2024.
Zopa CEO Jaidev Janardana said: “Today’s fundraise validates our financial performance and growth potential. Since launching our bank in 2020, we’ve consistently offered financial products that offer great value and ease to our customers, supporting our vision to build Britain’s best bank.
“We are thrilled to have investors who share our excitement at the opportunity to serve more customers across more product categories as we aim to become the go-to bank for millions of consumers.”
Zopa offers services designed to improve financial health, including better-priced credit, competitive savings products, and balance transfer options that aim to accelerate debt repayment.
The company claims to have more than 1.3 million customers.
In 2024, Zopa established partnerships with major UK retailers, including John Lewis, and Britain’s largest electricity supplier, Octopus Energy.
These collaborations are focused on supporting the transition to green energy and enhancing Zopa’s regulated buy-now-pay-later (BNPL) and retail finance offerings.
Since launching its banking operations in 2020, Zopa is said to have attracted over £5bn in deposits and currently holds £3bn in loans on its balance sheet.
The bank has lent more than £13bn to UK consumers over the past two decades and employs nearly 850 staff members, reporting high employee satisfaction within the UK fintech industry.
Zopa holds a full UK banking licence, ensuring compliance with regulatory standards. The British online bank is regulated by the UK Financial Conduct Authority (FCA) and the UK Prudential Regulation Authority (PRA).
Customer deposits are protected by the Financial Services Compensation Scheme, which safeguards up to £85,000 per account.
