You are here: Home - Saving-Banking - News -

P2P lender Zopa to launch a bank

0
Written by:
05/12/2018
P2P lender Zopa has received its banking licence and now plans to create a hybrid digital bank.

The provider is set to launch a range of products and services next year to stand alongside its p2p loans and investments.

New offerings are to include a fixed term savings product covered by the Financial Services Compensation Scheme (FSCS), a credit card and money management app.

Zopa said all products have been designed to address some of the gaps and frustrations that customers have with their current products.

The p2p lender aims to “redefine banking” by giving customers a fair deal as standard, with no catches like sign-up offers that aren’t available to existing customers.

Zopa said it has no current plans for mortgages.

The firm has a bank licence with restrictions and will be granted a full licence once it meets the conditions set by the regulators in the current mobilisation phase.

Jaidev Janardana, chief executive of Zopa, said: “Acquiring our banking licence is the starting point for Zopa to become a major force in retail banking.

“When we pioneered the peer-to-peer lending model globally in 2005, we did so by listening to customers and creating a better product for them.

“We will bring the same focus to our banking products – drawing on tech innovation, our values of fairness and transparency, and better customer service to help even more people to feel-good about money.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

Your rights for refunds if travel is affected by strikes

There have been a wave of strikes this year across many different industries, and more are planned over Christ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week