Peer-to-peer lender Zopa given green light to launch digital bank

  • Hi there and welcome to PC Help Forum (PCHF), a more effective way to get the Tech Support you need!
    We have Experts in all areas of Tech, including Malware Removal, Crash Fixing and BSOD's , Microsoft Windows, Computer DIY and PC Hardware, Networking, Gaming, Tablets and iPads, General and Specific Software Support and so much more.

    Why not Click Here To Sign Up and start enjoying great FREE Tech Support.

    This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
Welcome to our Community
Wanting to join the rest of our members? Feel free to sign up today.
Sign up

PCHF IT Feeds

PCHF Tech News
PCHF Bot
Jan 10, 2015
32,384
20
pchelpforum.net
British peer-to-peer lender Zopa is to launch a digital bank after being awarded a full UK licence. The new bank will be offering a fixed term saving account and plans to follow that with a credit card later this year.

Zopa hopes to pull in new customers with the Zopa Fixed Term Savings Account, which will feature competitive rates, can be opened in under 7 minutes and will be protected by the Financial Services Compensation Scheme (FSCS), which safeguards your money up to £85,000.

Formed in 2005, Zopa first unveiled plans to move into digital banking back in 2018, gaining a partial licence in the same year. As part of the regulatory requirements, Zopa has since raised £140m in funding. The company claims to have around 500,000 customers spread across all of its peer-to-peer and investment interests.

Zopa digital bank


The bank will form another aspect of Zopa’s growing range of products and services that will sit alongside its personal and car loan products. Zopa hopes to capitalize on potential customers who’ve had problems managing their finances during the coronavirus pandemic.

The company also released research which found a fifth (20%) of UK adults said they had faced struggles contacting their bank during the Coronavirus pandemic. A third (30%) said they wanted additional flexibility and better guidance from their main bank to help them.

Zopa says it has implemented a series of changes to its services to help customers more rapidly, including a dedicated Covid-19 chatbot.

Jaidev Janardana, Zopa CEO, commented: “Now more than ever the banking industry needs innovative, agile providers who work on behalf of customers. At a time when people want great value, fair financial services products and simple, intuitive digital experience, Zopa offers consumers a compelling and credible alternative they can trust.

Securing our banking licence enables Zopa to play a wider role in the financial lives of our customers, as well as offering much needed choice and competition to the wider market.”


Via: City AM

Continue reading...