Volution portfolio company Zopa has been valued at $1 billion following a new £220 million funding round led by one of the world’s leading technology investment firms.

Zopa, the UK’s first peer-to-peer lending company, which has since pivoted to a more traditional bank and financial services firm, recently announced a new funding round led by Softbank’s Vision Fund 2.

The raise will support Zopa’s plan to expand, providing the tools for UK consumers to better manage their finances, and to access great saving and borrowing products.

The Volution team invested in 2020, as Zopa was in the process of obtaining their banking licence, impressed by the quality and experience of their management team, led by CEO Jaidev Janardana, as well as their existing track record, strong customer base and brand.

Zopa differentiates itself from other challenger banks, borrowing from both traditional and disruptive models of finance.

Since receiving its UK banking licence last year, Zopa has already become a top 10 credit card issuer, attracted £675 million in fixed-term saving deposits and won several awards for its banking services.

This funding round will enable Zopa to continue its scale up journey, becoming a household name, and supporting savers and borrowers with simple, user-friendly, and adaptable financial services.

You can read more about the raise in TechCrunch and the FT.

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