Zopa
Funding History
| Pre-IPO · 10/2021 | $1.0B |
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Overview
Zopa was founded in March 2005 by Richard Duvall, James Alexander, Giles Andrews, David Nicholson and Tim Parlett, launching as the world's first peer-to-peer lending platform, matching individual savers with individual borrowers outside the traditional banking system.
Over the following decade Zopa grew its peer-to-peer lending volume substantially, becoming the first UK-based peer-to-peer lender to pass £2 billion in loans processed by January 2017. The company began pursuing a full UK banking license in parallel, receiving FCA authorization in May 2017 and interim PRA/FCA banking licenses in December 2018, before being awarded a full UK banking license in June 2020.
With its banking license secured, Zopa transitioned into a licensed digital bank offering FSCS-protected fixed-term savings accounts, personal loans, and credit cards, alongside a money-management app built on open banking technology. It wound down its original peer-to-peer lending operations in December 2021 to focus entirely on retail banking. As of 2024, per Wikipedia's summary of company disclosures, Zopa is led by CEO Jaidev Janardana and reported 2024 revenue of £303.4 million and net income of £34.2 million; per TechCrunch's December 2024 reporting, CEO Janardana said the company would prioritize profitability and growth over pursuing an IPO given weak public-market conditions for tech listings.
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