UK P2P lender Zopa provides access to loans to customers of Saffron Building Society

2 October 2017

ZopaZopa, a London-based personal finance P2P lending provider, is partnering with regional building society oа England, Saffron Building Society, to offer loan provision services in 11 physical branches and offices of the society. Over the past year the company has successfully helped to obtain more than £800 million in personal loans to borrowers across the United Kingdom.

Zopa is seeking to tackle the mismatch between the lenders and borrowers using its services, and it moved so far as to close the platform access for new lenders. The P2P lending provider was flooded with a rapidly growing number of individuals hunting after higher returns on their investments as the interest rates are currently at their record low level.

Speaking for Saffron Building Society, Colin Field, CEO, notes that as their society is constantly working to offer a diversified portfolio of services to the customers, enabling them to do more with their money, this cooperation with Zopa will be a valuable addition to the society’s product range.

In November 2016 Zopa made an announcement about its plans to expand its financial services range, by introducing its own FSCS-protected deposit accounts for savers, a new package of P2P investment products and personal loans, car finance services and credit cards for borrowers. Zopa has successfully secured £32 million in the fundraising race to date and plans to use the financing for upgrading its technology infrastructure and product portfolio, as it is preparing to file an application for the bank license by the year end.

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