Zopa has announced a £75 million equity fundraise.

The FinTech said the latest funds would help to drive the next phase of its growth.

The funding will be also used to meet the capital requirements of the bank’s growing balance sheet, it said, and to support M&A dealmaking that could kick off as early as this quarter.

“Today’s equity round reaffirms the support of our investors despite the challenging economic environment,” said Zopa’s chief executive Jaidev Janardana. “It is a clear validation of Zopa’s responsible, sustainable and profitable approach to lending, our strong unit economics, and our vision to build Britain’s best bank.”

He added: “We are happy to have investors who share our excitement at the opportunity to serve more customers across more product categories.”

Zopa recently passed the £3 billion deposits mark.

The milestone came around five months after the bank announced it had passed £2 billion in deposits, claiming to be one of the fastest challenger banks to pass this figure.

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