Zopa Bank has received more than €80m ($84.6m) in an equity funding round, with A.P. Moller Holding leading the investment alongside existing stakeholders.
This capital injection is set to bolster Zopa’s growth trajectory as the bank gears up to introduce its flagship current account and a new GenAI offering by 2025.
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The bank has witnessed substantial growth in 2024, with a customer base exceeding 1.3 million.
In October this year, Zopa teamed up with John Lewis Money, the financial services division of John Lewis Partnership, to provide personal loans to its 23 million customers.
Additionally, a collaboration with Octopus Energy, Britain’s largest electricity supplier, aims to facilitate the transition to green energy through a comprehensive range of regulated BNPL and retail finance offerings.
Zopa CEO Jaidev Janardana said: “Today’s fundraise validates our financial performance and growth potential. Since launching our bank in 2020, we’ve consistently offered financial products that offer great value and ease to our customers, supporting our vision to build Britain’s best bank.
“We are thrilled to have investors who share our excitement at the opportunity to serve more customers across more product categories as we aim to become the go-to bank for millions of consumers.”
Since its inception in 2020, Zopa has gathered over £5bn ($5.27bn) in deposits and maintains £3bn ($3.16) in loans on its balance sheet.
Zopa, regulated by the Financial Conduct Authority and the Prudential Regulation Authority, has a workforce of nearly 850.
