Zopa has raised £44m in the first stage of its most recent fundraising round.
The P2P lending platform said that it would use the latest investment towards the capital needs for the next generation bank it has been building.
Zopa aims to create a range of products for customers with no catches on rates or charges.
This news comes after Zopa achieved full-year profitability in 2017, its first since 2012.
Jaidev Janardana, CEO at Zopa (pictured above), said that it aimed to be the best place for money in the UK and believed that launching its bank was a key next step.
“It allows us to offer a wider choice of products and to help our customers make smarter choices with their money.
“This further injection of capital takes us a step closer to that vision and we are delighted that our investors have supported us on this journey.”
The P2P platform has now lent £3.5bn to UK consumers, helping nearly 500,000 people make the most of their money.
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