UK-based FinTech firm Zopa has announced it has raised £44 million in the first phase of its latest fundraising round, marking its largest funding round to date.
The funding comes during an exciting time for the firm, who reported full profitability last year for the first time since 2012. The injection of funding will be invested towards the capital needs of the new bank it has been building.
In June last year, Zopa closed a £32 million funding round led by Wadhawan Global Capital and North Zone. It announced at the time that it would be expanding its product offering to provide customers with more choice in financial services.
Jaidev Janardana, chief executive of Zopa, said: “We believe that launching our bank is a key next step. It allows us to offer a wider choice of products and to help our customers make smarter choices with their money. This further injection of capital takes us a step closer to that vision and we are delighted that our investors have supported us on this journey.”
Founded in 2005, Zopa is a peer-to-peer lending company, lending £3.5 billion to UK customers since its inception.
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