Digital bank Zopa has raised a £75m funding round.
In brief:
-Zopa, which now says it is generating £250m in annual revenue from its 1 million customers, will use the Tier 2 capital to bolster its growth and expansion plans.
-The company has now raised £530m, with £150m raised in 2023.
-The bank, Zopa says, is now operating profitably on a monthly basis but will hit full-year profitability for 2023 for the first time.
What does this mean?
“Today’s financing is a clear market validation of Zopa Bank’s financial performance, pointing to strong investor confidence in its growth and in its ability to deliver strong financial performance despite the economic uncertainty,” Zopa Bank’s CEO Jaidev Janardana said.
