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News > Fintech

Zopa Group announces £140m fundraise

Andreea Dulgheru | 15:27 Wednesday 4th December 2019

Zopa has announced that it has raised £140m by signing its largest funding round to date.

This finance is expected to enable the P2P lending platform’s banking entity to fulfil the regulatory capital requirements needed to lift the current restrictions on its banking licence.

Zopa continues to hold its banking licence with restrictions and is working with the regulator to obtain its full licence. 

The investment is subject to final approvals, including regulatory change of control.

IAG Silverstripe — part of the private investment group IAG Capital — will provide the investment once approved.

Jaidev Janardana, CEO at Zopa, said: “This new funding means we have concluded the fundraising phase of our bank mobilisation. 

“We are excited that, once approved, Zopa will be able to launch its bank alongside its P2P business and offer a broader set of products to our customers.”

To date, Zopa Limited has lent £5bn in unsecured personal loans to customers in the UK.

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