Volution portfolio company Zopa, the ‘FeelGood’ money company, has raised a further £75m supporting its vision to become Britain’s best bank. The investment will be used to meet the capital requirements of Zopa’s growing balance sheet and support a drive for M&A activity.
Since its launch in 2020, Zopa has attracted £3b in deposits, more than £2b of loans on balance sheet and issued more than 400,000 credit cards. Zopa’s mission is to create simple, fair and honest financial products that have their customer’s needs at heart.
Jaidev Janardana, CEO at Zopa said: "Today’s equity round reaffirms the support of our investors despite the challenging economic environment. 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."
James Codling, Volution Managing Partner, added: “It is great to see Zopa go from strength to strength and this funding round will enable the company to accelerate its growth journey. Volution has backed Zopa since 2020 and we believe that they are at an exciting point in their evolution. Having built out its core banking offering and becoming a category leader across many of its products, the company now has the potential to offer consumers a greater array of products and services and this funding round will enable them to do that.”
Zopa was named ‘Bank of the Year’ 2022 at the AltFi Awards, and previously ‘Best Personal Loan Provider’ and ‘Best Credit Card Provider’ at the British Bank Awards.