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Giles Andrews |
|Headquarters||Cottons Centre, Tooley Street, London, England, UK|
In September 2016, the first portfolio of Zopa loans was securitised on the European markets.
In January 2017, Zopa became the first UK based peer-to-peer lending company to lend more than £2 billion worth of loans. Zopa became fully regulated by the Financial Conduct Authority in May 2017. Following FCA authorisation, and HMRC approval as an Individual Savings Account (ISA) manager, Zopa started offering its Innovative Finance ISA products in June 2017.
Products and services
- Peer-to-peer lending
Zopa enables investors to lend to UK consumers directly through its peer-to-peer lending platform.
Investors can choose from four investment products based on their risk and return appetite. Investors’ money is split across multiple borrowers. Investors then receive monthly repayments of interest and capital, which they can relend to compound the interest.
In November 2016, Zopa announced its intention to apply for a banking license so it could expand the range of financial products it offers to UK consumers.
Zopa’s bank is scheduled to launch in 2018 and will sit alongside its peer-to-peer lending business. Zopa plans to offer FSCS protected deposit accounts, credit cards, and a money management app which makes use of data made available by the introduction of Open Banking. As per August 2018, Zopa scooped £44 million in funding for the launch of its new digital challenger bank.
The company's main office is currently based at London Bridge
Zopa also has a Development Centre in Barcelona, Spain. The centre has been running since 2017.
Its name stands for "Zone of possible agreement", a negotiating term identifying the bounds within which agreement can be reached between two parties.
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