UK online lender Zopa reaches 32 million pounds financing for its next generation banking projects

1 June 2017

zopaZopa, a UK online personal finance P2P lending provider, reported £32 million funding raised in the investment round led by Indian Wadhawan Global Capital Pvt Ltd and European venture capital firm Northzone, which have showed itself as the backer of fast growing startups in the technology and financial innovations sector like Spotify and iZettle.

The P2P lender plans to allocate the raised finance across its new products development in the wake of its preparations for obtaining a bank license from the UK authorities later this year. In November 2016 the company unveiled its future initiatives and goals to introduce next generation banking service with deposit accounts secured with Financial Services Compensation Scheme. In addition Zopa plans to offer new P2P investment instruments for investors as well as personal loan capability, car financing schemes and credit cards for those individuals looking to obtain some loans.

Zopa CEO, Jaidev Janardana noted that the new financing will go for supporting the company’s growth, enabling it to proceed with its ambitious plans to launch next generation bank and unparalleled innovative financial services to a larger number of customers across the United Kingdom.

A partner of Northzone adds that they are confident about Zopa’s potential and its capability to bring cutting edge technologies to the table, making it become the technology-first bank with the focus on transparent and customer-oriented operations.

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