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.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Crown Agents Bank appoints new NED
Crown Agents Bank has announced the appointment of Susanne Chishti (pictured above) to its board as a non-executive director...
Ex-RBS director joins Triodos Bank
Triodos Bank has appointed Rob Keegan (pictured above) to head up a team supporting UK SMEs...
UTB appoints new asset finance BDM
United Trust Bank (UTB) has appointed Paul Barter (pictured above) as a business development manager for asset finance to support brokers in central England and Wales...
Secure Trust Bank launches its cheapest ever mortgages
Secure Trust Bank (STB) has launched its cheapest ever mortgages, with rates starting at 2.04%...
Temenos to support Varo Money’s bank launch
Varo Money has signed up for Temenos’ T24 core banking as it prepares for the launch of its new bank in the United States...
Klarna to acquire Close Brothers Retail Finance
Close Brothers Group has announced the sale of its retail point of sale finance business to Klarna Bank AB...
Masthaven appoints Rob Barnard as sales director for long-term lending
Masthaven has appointed Rob Barnard at its new sales director for long-term lending...
Paysend introduces global account
International payments and money transfer company Paysend has announced the beta program for its new global account service, which allows people to hold, move and spend multiple currencies worldwide...
Masthaven introduces business savings account
Masthaven has announced the launch of its business savings account...
Monese secures £5.3m investment from Augmentum Fintech
Augmentum Fintech PLC has announced an investment of £5.3m in current account provider Monese...
Redwood Bank hires new BDM
Redwood Bank has appointed Mark Dolphin (pictured above) as its BDM for Yorkshire and the North East...