Zopa has announced that it has been awarded a banking licence with restrictions.
The P2P lending platform plans to create a hybrid P2P and digital bank, which will offer its customers a range of products.
These include a fixed-term savings product, a credit card and a money management app.
Zopa will be granted a full licence once it meets the conditions set by the FCA and PRA in the mobilisation phase.
Zopa said that its products – which will begin to roll out next year – have been designed to address some of the gaps and frustrations that customers have with their current products.
Jaidev Janardana, CEO at Zopa (pictured above), said: “Acquiring our banking licence is the starting point for Zopa to become a major force in retail banking.
“When we pioneered the P2P lending model globally in 2005, we did so by listening to customers and creating a better product for them.
“We will bring the same focus to our banking products – drawing on tech innovation, our values of fairness and transparency, and better customer service to help even more people to feel good about money.”
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