Zopa, a UK-based peer-to-peer (P2P) lender, has obtained full authorisation from the Financial Conduct Authority (FCA).
The company said that it will now apply to the HM Revenue and Customs (HMRC) to become an ISA manager and offer the Innovative Finance Individual Savings Account (IFISA).
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Zopa CEO Jaidev Janardana said: “The authorisation process has been rigorous and in-depth and involved extensive scrutiny of our business. We will continue to focus on serving UK borrowers and investors through our market-leading products and best-in-class customer experience.
“In addition, we are also working towards applying for a banking license which will allow us to offer great customer choice whether you are spending, borrowing, saving or investing.”
Zopa is the first of the UK’s three largest P2P lenders to secure fully authorisation. The other two are Funding Circle and RateSetter that are still awaiting approval. Launched in 2005, Zopa has lent £800m over the last one year and has over 60,000 active investors.
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