The UK peer to peer lender has closed £60 million of fresh equity financing from undisclosed investors. The company is intent on gaining a banking license and launching a new retail bank. The company says it has nearly 500k customers and has lent more than £3.5bn in capital.
Obtaining a banking license and then launching an actual new retail bank requires capital. A lot of capital. Enter Zopa, the U.K. peer-to-peer lending company that wants to become a bank, which today is announcing that it has closed £60 million in further funding. Only £16 million is actually new new money, having already disclosed £44 million in August, so this is effectively an extension of that earlier fund-raise. The purpose remains the same, however: Zopa says it will use the latest round of investment toward the capital needs for its yet-to-launch “next generation bank.” The company began applying for a bank license with the U.K. regulators in 2016.
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