Zopa Bank has topped £4 billion in customer deposits just under four years since it was granted a banking license.
The digital bank said that the ISA market has been particularly attractive to consumers looking for a “tax efficient” way to save money.
Zopa’s Smart ISA alone accrued £1 billion in less than a year.
The news comes after the bank announced its first full year of profitability.
Zopa Bank swung to a pre-tax profit of £15.8 million for the financial year ended 31 December 2023 compared to a pre-tax loss of £26 million in 2022.
Fellow challenger bank Allica recently announced it has reached its first full-year of profitability three years after the UK FinTech started lending to SMEs.
The digital bank saw lending jump 47 per cent to £2 billion in the year ended 31 December 2023.
The digital bank, which first started lending to SMEs in 2020, recorded pre-tax profit of £16.1 million for the 12-month period.
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