Challenger bank Zopa has hit a milestone of £2bn in deposits.
In Brief:
This comes just eight months after reaching £1bn deposits.
The bank moved from being a peer-to-peer lender to a challenger bank in 2020.
It also has more than £1.5bn loans on its balance sheet.
What does this mean?
Zopa has been launched as a bank for two years now and in that time has issued 350,000 credit cards. It says that in the current economic situation it’s important that people make the most of their money in their savings accounts, and its Smart Saver and fixed term savings products have proved popular.
