Zopa finance chief Steve Hulme told City A.M. the losses were a result of channeling new funding and technology into its financial services division, for which it is currently pursuing a banking licence. When authorised, the lender plans to offer savings and credit products to consumers.
Peer-to-peer lending platform Zopa narrowed its losses while investing heavily into its impending digital banking effort last year, as it chases the coattails of freshly-listed rival Funding Circle. In accounts published late last night, Zopa Group, the parent of its online lending and financial services businesses, reduced its losses to £4.2m for the financial year ending 31 December 2017, down from £6.5m a year earlier.
http://www.cityam.com/264671/peer-peer-lender-zopa-narrows-losses-despite-revenue-growth
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