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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.<ref>{{Cite news|url=https://www.thetimes.co.uk/article/peer-to-peer-lender-zopa-to-launch-bank-3sr7ht5nt|title=Peer-to-peer lender Zopa to launch bank|last=Editor|first=James Hurley, Enterprise|date=2016-11-17|work=The Times|access-date=2018-04-11|language=en|issn=0140-0460}}</ref>
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.<ref>{{Cite news|url=https://www.thetimes.co.uk/article/peer-to-peer-lender-zopa-to-launch-bank-3sr7ht5nt|title=Peer-to-peer lender Zopa to launch bank|last=Editor|first=James Hurley, Enterprise|date=2016-11-17|work=The Times|access-date=2018-04-11|language=en|issn=0140-0460}}</ref>


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,<ref>{{Cite news|url=http://uk.businessinsider.com/zopa-ceo-jaidev-janardana-on-building-a-new-bank-2017-10|title=Zopa is 'pretty close to finishing' building its new bank|work=Business Insider|access-date=2018-04-11|language=en}}</ref> and a money management app which makes use of data made available by the introduction of [[Open banking|Open Banking]].<ref>{{Cite news|url=http://www.altfi.com/article/3116_zopa_boss_janardana_sheds_light_on_customer_centric_bank|title=Zopa boss Janardana details plans for customer-centric bank - AltFi Opinion|work=AltFi|access-date=2018-04-11|language=en-GB}}</ref> As per August 2018, Zopa scooped £44 million in funding for the launch of its new digital challenger bank.<ref>{{Cite news|url=https://www.crowdfundinsider.com/2018/08/137323-digital-bank-zopa-raises-44-million-to-help-fuel-expansion-launching-our-bank-is-a-key-next-step/|title=Digital Bank: Zopa Raises £44 Million to Help Fuel Expansion, "Launching Our Bank is a Key Next Step" {{!}} Crowdfund Insider|date=2018-08-03|work=Crowdfund Insider|access-date=2018-08-07|language=en-US}}</ref>
Zopa’s bank is scheduled to launch in 2019 and will sit alongside its peer-to-peer lending business. Zopa plans to offer FSCS protected deposit accounts, credit cards,<ref>{{Cite news|url=http://uk.businessinsider.com/zopa-ceo-jaidev-janardana-on-building-a-new-bank-2017-10|title=Zopa is 'pretty close to finishing' building its new bank|work=Business Insider|access-date=2018-04-11|language=en}}</ref> and a money management app which makes use of data made available by the introduction of [[Open banking|Open Banking]].<ref>{{Cite news|url=http://www.altfi.com/article/3116_zopa_boss_janardana_sheds_light_on_customer_centric_bank|title=Zopa boss Janardana details plans for customer-centric bank - AltFi Opinion|work=AltFi|access-date=2018-04-11|language=en-GB}}</ref> As per August 2018, Zopa scooped £44 million in funding for the launch of its new digital challenger bank.<ref>{{Cite news|url=https://www.crowdfundinsider.com/2018/08/137323-digital-bank-zopa-raises-44-million-to-help-fuel-expansion-launching-our-bank-is-a-key-next-step/|title=Digital Bank: Zopa Raises £44 Million to Help Fuel Expansion, "Launching Our Bank is a Key Next Step" {{!}} Crowdfund Insider|date=2018-08-03|work=Crowdfund Insider|access-date=2018-08-07|language=en-US}}</ref>


In December 2018 the company was finally awarded with licenses from UK financial regulators, such as FCA and PRA.<ref>{{Cite news|url=https://techcrunch.com/2018/12/04/zopa-bank/|title=Zopa, the UK P2P lending company, secures bank license|work=TechCrunch|access-date=2018-12-04|language=en-US}}</ref>
In December 2018 the company was finally awarded with licenses from UK financial regulators, such as FCA and PRA.<ref>{{Cite news|url=https://techcrunch.com/2018/12/04/zopa-bank/|title=Zopa, the UK P2P lending company, secures bank license|work=TechCrunch|access-date=2018-12-04|language=en-US}}</ref>


==Corporate identity==
==Corporate identity==

Revision as of 14:56, 24 March 2019

For other uses, see Zopa (disambiguation).
Zopa Limited
Company typeLtd.
IndustryPeer-to-peer lending
FoundedMarch 2005; 19 years ago (2005-03)[1][2]
FoundersGiles Andrews
James Alexander
Richard Duvall
David Nicholson
Tim Parlett
HeadquartersCottons Centre,
Tooley Street, London
,
England, UK
Key people
Jaidev Janardana(CEO)[3]
ProductsP2P lending[4]
Websitewww.zopa.com

Zopa is a UK online personal finance peer-to-peer lending company founded in 2004.[5] It launched in the UK in March 2005.[6] Zopa was the first peer-to-peer lending company.[7]

History

Zopa was launched in the UK in March 2005.[8] It was founded in Buckinghamshire in 2004 by a team from the internet banking company Egg Banking.[9][10]

Zopa grew steadily[11] in the years prior to the financial crisis of 2007–2008. It navigated the period with no losses to investors' capital and only a small dip in returns during 2008.[12]

In September 2016, the first portfolio of Zopa loans was securitised on the European markets.[13]

In November 2016, Zopa announced that it would apply for a banking license [14] in order to offer customers a broader set of personal finance products.[15]

In January 2017, Zopa became the first UK based peer-to-peer lending company to lend more than £2 billion worth of loans.[16] Zopa became fully regulated by the Financial Conduct Authority in May 2017.[17][18] Following FCA authorisation, and HMRC approval as an Individual Savings Account (ISA) manager, Zopa started offering its Innovative Finance ISA products in June 2017.[19]

Products and services

Business Model

Peer-to-peer lending

Zopa enables investors to lend to UK consumers directly through its peer-to-peer lending platform.[20]

Borrowers can take out loans between £1,000 and £25,000.[21] Typically individuals use these to funds to help buy a car, consolidate debts, cover home improvements or weddings.[2]

Investors can choose from four investment products[22] based on their risk and return appetite. Investors’ money is split across multiple borrowers.[23] Investors then receive monthly repayments of interest and capital, which they can relend to compound the interest.

Bank launch

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.[24]

Zopa’s bank is scheduled to launch in 2019 and will sit alongside its peer-to-peer lending business. Zopa plans to offer FSCS protected deposit accounts, credit cards,[25] and a money management app which makes use of data made available by the introduction of Open Banking.[26] As per August 2018, Zopa scooped £44 million in funding for the launch of its new digital challenger bank.[27]

In December 2018 the company was finally awarded with licenses from UK financial regulators, such as FCA and PRA.[28]

Corporate identity

Headquarters

The company's main office is currently based at London Bridge[29]

Zopa also has a Development Centre in Barcelona, Spain. The centre has been running since 2017.[30]

Brand

Zopa etymology

Its name stands for "Zone of possible agreement", a negotiating term identifying the bounds within which agreement can be reached between two parties.

See also

References

  1. ^ Akst, Daniel (5 February 2006). "Where Lender Meets Borrower, Directly". No. Business Day. New York, N.Y., United States: New York Times. The New York Times Company. Retrieved 9 March 2017.
  2. ^ a b Werdigier, Julia (10 December 2012). "RIT Capital to Take Stake in British Financial Start-Up". No. DealBook. New York, N.Y., United States: New York Times. The New York Times Company. Retrieved 9 March 2017.
  3. ^ "Zopa CEO Jaidev Janardana: Leading UK P2P Lending with Superior Service, Transparency and Cutting-Edge Fintech", McGill University {{citation}}: Cite has empty unknown parameter: |1= (help)
  4. ^ Scott, Mark (9 June 2014). "A Lift for One of London's Financial Tech Start-Ups". No. DealBook. New York, N.Y., United States: New York Times. The New York Times Company. p. B3. Retrieved 9 March 2017.
  5. ^ Cave, Andrew (2016-03-05). "Zopa aims for enough growth to stop explaining its name". The Telegraph. ISSN 0307-1235. Retrieved 2018-04-11.
  6. ^ Jones, Rupert (2014-02-15). "The major peer-to-peer lenders". the Guardian. Retrieved 2018-04-11.
  7. ^ "Q&A: Online lending exchange". United Kingdom: BBC. BBC. 7 March 2005. Retrieved 4 July 2016.
  8. ^ Prosser, David. "Happy Birthday Zopa, The Inventor Of P2P". Forbes. Retrieved 2018-04-11.
  9. ^ Evans, Judith (14 August 2015). "My Money — Giles Andrews, Zopa chief". Financial Times. Nikkei. Retrieved 8 March 2017.
  10. ^ "Zopa opera". computing.co.uk. Retrieved 2015-10-03.
  11. ^ "P2P lending: where will the P2P industry go next? - Verdict". www.verdict.co.uk. Retrieved 2018-04-11.
  12. ^ Ficenec, John (2015-07-26). "How safe is peer-to-peer lending?". ISSN 0307-1235. Retrieved 2018-04-11.
  13. ^ Hale, Thomas (26 September 2016). "Debut securitisation for Zopa loans". United Kingdom: Financial Times. Nikkei. Retrieved 10 November 2016.
  14. ^ Hurley, James (17 November 2016). "Peer-to-peer lender Zopa to launch bank". No. Business. United Kingdom: The Times. Times Newspapers Limited. Retrieved 8 March 2017.
  15. ^ Dunkley, Emma. "Peer-to-peer lending pioneer seeks banking licence". Financial Times. {{cite news}}: Cite has empty unknown parameter: |dead-url= (help)
  16. ^ "Peer-to-peer lender Zopa passes £2 billion loans milestone". Business Insider. Retrieved 2018-04-11.
  17. ^ Williams, Aime. "Zopa gets FCA approval as peer-to-peer lender". Financial Times. Retrieved 15 May 2017.
  18. ^ Barber, Lynsey (2017-05-11). "Zopa just got full approval as a P2P lender from the FCA". Retrieved 2018-04-11.
  19. ^ Suter, Laura (2017-05-26). "Zopa Isa offering up to 6.1pc finally available". The Telegraph. ISSN 0307-1235. Retrieved 2018-04-11.
  20. ^ Lewis, Martin. "Peer to peer lending: boost savings returns? - MSE". MoneySavingExpert.com. Retrieved 2018-04-11. {{cite news}}: Cite has empty unknown parameter: |dead-url= (help)
  21. ^ "comparethemarket.com - Zopa loans". www.comparethemarket.com. Retrieved 2018-04-11.
  22. ^ Beioley, Kate. "P2P platform Zopa re-opens to new customers". Financial Times. {{cite news}}: Cite has empty unknown parameter: |dead-url= (help)
  23. ^ "Peer-to-peer lending explained - Which?". Which?. Retrieved 2018-04-11.
  24. ^ Editor, James Hurley, Enterprise (2016-11-17). "Peer-to-peer lender Zopa to launch bank". The Times. ISSN 0140-0460. Retrieved 2018-04-11. {{cite news}}: |last= has generic name (help)CS1 maint: multiple names: authors list (link)
  25. ^ "Zopa is 'pretty close to finishing' building its new bank". Business Insider. Retrieved 2018-04-11.
  26. ^ "Zopa boss Janardana details plans for customer-centric bank - AltFi Opinion". AltFi. Retrieved 2018-04-11.
  27. ^ "Digital Bank: Zopa Raises £44 Million to Help Fuel Expansion, "Launching Our Bank is a Key Next Step" | Crowdfund Insider". Crowdfund Insider. 2018-08-03. Retrieved 2018-08-07. {{cite news}}: no-break space character in |title= at position 104 (help)
  28. ^ "Zopa, the UK P2P lending company, secures bank license". TechCrunch. Retrieved 2018-12-04.
  29. ^ Hurst, Samantha (4 August 2016). "Zopa Relocates: Moves Into New London Bridge Digs". Crowdfund Insider. Crowded Media Group.
  30. ^ "Zopa Establishes Development Center in Barcelona | Crowdfund Insider". Crowdfund Insider. 2017-06-07. Retrieved 2018-05-15.
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