Zopa bank has crossed the £3 billion deposit milestone having launched a high interest-bearing savings account that has attracted 150,000 customers
In brief:
Zopa pivoted two years ago to become a traditional bank, hitting profitability last April and the £2 billion deposit mark in August
The bank, which has 800,000 customers, attributed the lift in deposits to its attractive suite of easy access and fixed term savings accounts
Since its launch in 2020, Zopa has amassed more than £2.5bn of loans on balance sheet and issued close to 350,000 credit cards
What does this mean?
Merve Ferrero, chief strategy officer at Zopa comments: “Our proposition centred around fairly priced credit and attractive returns on savings has become a lot more relevant in today’s environment. Our fresh take on the saving needs of UK consumers drives every aspect of product innovation at Zopa”.
