Zopa Bank hits £2bn deposit landmark

Zopa

Zopa Bank has hit the £2bn deposit mark only two years after the company launched its challenger bank.

According to Finextra, the challenger bank hit the £2bn milestone only eight months after passing the £1bn mark, which was boosted by its smart saver easy access account and fixed term savings product.

Zopa recently achieved profitability for the first time just 21 months after acquiring its UK banking licence.

Since the launch of its bank in 2020, Zopa has attracted £2bn in deposits, more than £1.5bn of loans on its balance sheet, issued 350,000 credit cards and tripled its revenue per customer.

A Zopa spokesperson said, “With rising inflation, energy prices, and rent increases adding considerable pressure on consumer finances, Zopa’s ambition is to make the billions in “zombie money” sitting idle in UK current accounts work harder.”

European open banking platform TrueLayer will collaborate with digital bank Zopa to make account-to-account payments more seamless.

Zopa launched its Smart Saver earlier this year with a focus on helping consumers at the start of their savings journey and enabling them to deposit money into different ‘Pots’ with different interest rates and access requirements.

TrueLayer will now support Zopa with instant, secure account-to-account payments that will remove the need to enter any card or bank account details. Instead, customers will select the ‘instant bank transfer’ option at the top of the payment screen and authenticate their identity with biometrics to confirm the payment.

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