British peer-to-peer (P2P) lender Zopa has secured an additional funding of around $28m (£20m) from current backers.
The round was led by IAG Silverstripe, with Augmentum, Waterfall managed Alternative Credit Investments and Venture Founders also joined the fundraising.
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Zopa launched a new digital bank after receiving a full UK banking licence in June last year. The firm was granted a restricted banking licence from the UK’s Financial Conduct Authority (FCA) in December 2018.
It initially launched a fixed-term savings account, and later branched out into credit cards, unsecured loans and auto-finance.
According to Zopa, its annualised revenue per customer has grown nearly two-fold since inception.
The bank has already received over £250m in deposits, and is said to be a top ten credit card issuer in the UK in terms of new customers. The company, which was established in 2004 as a P2P lending platform,.has lent out more than £5bn until now.
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By GlobalDataCommenting on the fresh capital, Zopa CEO Jaidev Janardana said: “Less than a year since launching our bank, we have exceeded our plan for growth, both in terms of customers and balance sheet.
“This capital injection will enable us to continue on this accelerated path. Our strong entry to the UK savings and credit card markets shows the organic appeal of our products and we are happy to have investors who share our excitement at the opportunity to serve more customers across more product categories.”
