UK challenger Zopa lands £68 million in equity funding round
UK-based challenger bank Zopa has secured £68 million in an equity funding round led by AP Moller Holding, one of the largest direct investors in Denmark.
Zopa bags £68 million in fresh funding
Launched in 2020, Zopa offers a wide range of financial services, including savings accounts, unsecured personal loans, point-of-sale (POS) financing, car finance, and credit cards, with a workforce of nearly 850 employees.
The digital bank says it has so far amassed over £5 billion in deposits serving 1.3 million customers, and has lent more than £13 billion to UK consumers to date, with £3 billion in loans currently on its balance sheet.
The funding round, which saw additional participation from existing shareholders, follows Zopa inking partnerships with the likes of Octopus Energy and John Lewis, enabling the firm to offer personal loans to the retailer’s 23 million customers.
Additionally, the funding comes after the company reported a £15.8 million pre-tax profit for FY 2023. Zopa also secured £75 million in a funding round back in September 2023.
Zopa says its latest cash injection will be used to support the launch of its “flagship current account” in 2025. The company also plans to roll out a GenAI product that it says will reinvent how “people interact with their money”.
