In April, Zopa highlighted its profitability milestone in fiscal 2023 and now it reports its success in growing customer deposits.
Specifically, customer deposits at Zopa now top £4bn. Zopa says that the ISA market has been particularly enticing to consumers looking for a tax efficient way to save. Bank of England statistics show that UK savers have been consistently moving £3bn per month into ISAs for several months.
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The market has benefitted from higher interest rates and evidence of consumers being prepared to switch to gain a better interest rate.
Zopa says that its Smart ISA alone accrued £1bn in 11 months, capturing a significant share of the market. Its full functionality was rolled out in March. The bank reports that savers chose Zopa for its intuitive app-based interface and its its hybrid approach to saving.
Using deep personalisation, savers can combine up to 20 ISA pots at different interest rates and with different access requirements, all in one place
The account is mobile only and “flexible”. This means that money can be moved in and out the account within the tax year without eroding the £20,000 annual allocation.
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By GlobalDataThe Zopa customer base has risen to 1.2 million across its newly expanded product offering. This incorporates unsecured personal loans, credit cards, point-of-sale, car finance, savings accounts, and financial health tools. Future plans include the launch of a current account later this year.
It also plans to remain focused on efficiency through the launch of new artificial intelligence tools to fuel its productivity. A notable highlight of its fiscal 2023 results was its success in reducing its cost-income ratio to 38.7%.
