At ten years old, Zopa can almost be classed as a veteran in the fast-evolving world of alternative finance. The peer-to-peer lending website, set up by members of the management team of former internet bank Egg, now boasts 57,000 active lenders and more than 115,000 active borrowers. It has made roughly £1bn in loans.
And it is continuing to grow and make waves. It plans to lend £550m in 2015, compared to £268m last year. Its £5.4m turnover, which represents the commission it receives from facilitating the loans, gives it a one per cent share of the UK personal loans market. Last year, the company raised £15m from Arrowgrass Capital Partners to finance growth.
More recently, Zopa announced that it has teamed up with challenger bank Metro Bank - a "clear sign that Zopa is a trusted platform not only for consumers but also institutions to deploy their funds,” according to chief executive Giles Andrews. Additionally, Zopa has agreed a deal with Uber to help its drivers buy their own cars.
Zopa features in:
- Sunday Times Tech Track 2014
- Future Fifty
- CB Insights
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