The Year of Milestones
Zopa Bank had an impressive 2022. It reached £2bn in savings, launched new products, achieved profitability, and was crowned Bank of the Year at the AltFi Awards. This success propelled the bank into 2023 with momentum and optimism.
Zopa started 2023 with a £75m raise for mergers and acquisitions. Shortly after, it acquired ‘buy now, pay later’ platform DividePuy, expanding its offerings even further. Despite being founded in 2005, Zopa made a significant transformation into Zopa Bank just three years ago. Now, with one million customers, an annual revenue of £250m, and profitability, Zopa is thriving.
A Relevant Proposition
In an interview, Zopa CEO Jaidev Janardana highlighted the relevance of Zopa’s proposition in the face of the cost-of-living crisis and rising interest rates. Zopa offers affordable credit and attractive savings options, providing a superior alternative to traditional banks. Customers saved 4.5 times more interest with Zopa compared to high-street banks, and the bank introduced innovative solutions to help customers navigate the financial challenges.
Zopa’s exceptional performance in 2022 resulted in a 53% revenue growth in the first half of 2023. The bank achieved an annual profit of over £10m, a significant improvement from the previous year. Zopa’s focus now is on delivering innovative products to its loyal customer base and maintaining its position as Bank of the Year.
Zopa is open to future acquisitions in various sectors to enhance its offerings and propel further growth. Additionally, the bank is considering an IPO but is cautious about timing, prioritizing the right macroeconomic and market conditions. Zopa is also part of the 2025 Fintech Pledge, collaborating with ClearScore to improve consumer finances in the UK.
As the nomination period for the AltFi Awards 2023 closes, Zopa eagerly awaits the results and aims to retain its crown. With its impressive achievements and continuous dedication to customer satisfaction, Zopa Bank remains at the forefront of the fintech industry.