Volution portfolio company Zopa, the digital bank launched to fight complexity and unfairness in financial services, has reported a pre-tax profit of £15.8m for the year ending 31 December 2023, up from a loss of £26m in the year prior. 

The milestone makes Zopa, launched in 2020, one of the fastest digital banks in the UK to turn an annual profit, despite the challenging economic environment dominated by high inflation and macro-economic uncertainty.

Zopa’s customer base has grown to over one million people since launch. The bank provides deposit accounts, loans and credit cards and is now targeting the UK current account market.

Jaidev Janardana, CEO at Zopa said: "Across all our products, the opportunity is huge and we remain passionate about changing customers’ relationship with money for the better.”

James Codling, Volution Managing Partner, added: “It's great to see Zopa go from strength to strength and doing so profitably. With an innovative product offering across lending and savings and the launch of current accounts later in 2024, Zopa is cementing its position as one of the UK's leading digital banks.”