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P2P lender Zopa receives UK banking licence

Zopa UK

Zopa Bank will offer fixed-term savings accounts and might roll out a credit card next month

The UK-based peer-to-peer lender Zopa has received regulatory approval to launch its digital-only services. With that, Zopa Bank will offer fixed-term savings accounts. It is reported that the new digital bank might roll out a credit card next month.

The proposed credit card will address customers’ needs, especially targeting those who have experienced poor service and unclear pricing. Last November, Zopa started a beta test of the new savings account for a limited period of one month. The account can be opened online within a span of seven minutes comprising 200 prospect customers. 

Jaidev Janardana, CEO of Zopa, told the media, “Now more than ever the banking industry needs innovative, agile providers who work on behalf of customers. At a time when people want great value, fair financial services products and simple, intuitive digital experience, Zopa offers consumers a compelling and credible alternative they can trust. Beyond the current pandemic, Zopa is uniquely placed to provide a compelling alternative to traditional banking by leveraging its significant technological and financial services expertise to offer a wider range of great products, including savings and credit cards, alongside its personal loans and investments.” 

In fact, the company received a restricted UK banking licence after raising £60 million. 

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