Zopa Bank enters GBP 23 billion renewable energy market

Thursday 23 May 2024 14:45 CET | News

Zopa Bank has entered a GBP 23 billion renewable energy market with its Octopus deal and regulated BNPL services for customers across the UK. 

Following this announcement, Zopa Bank entered the UK’s GBP 23 billion renewable energy market, which is expected to make its suite of fully integrated Buy Now, Pay Later (BNPL) and retail finance products available to Octopus Energy customers and clients across the UK. 

In addition, both companies will focus on meeting the needs, preferences, and demands of users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry. 

Zopa Bank has entered a GBP 23 billion renewable energy market with its Octopus deal and regulated BNPL services for customers across the UK.

More information on the announcement

The deal is expected to see Zopa finance the purchase and installation of Octopus solar panels for the energy company’s UK-based customers. In addition, the partnership will also enable the financing of app-controlled EV charges, which will be installed by Octopus engineers in order to fast-charge the electric vehicles of clients and users. 

In January of 2024, there were more than 53,600 public charge points available across the region of the UK, which represented a 45% increase since the start of 2023. Furthermore, the government is focused on delivering 300,000 charge points by 2030 in order to match the rising demand for greener finance. 

The partnership will allow users to cut their electricity costs by up to 90% by switching to solar, while Zopa Bank is expected to allow them to spread their upfront costs over 24 to 84 months as well. At the same time, Zopa Bank and Octopus Energy will extend the reach of green energy with financial solutions that put clients first and are fully regulated and secure. 

Zopa Bank launched its regulated BNPL and retail finance products in August 2023, aiming to develop BNPL 2.0, as well as the ability to underwrite longer, larger loans in a way that meets today’s regulatory requirements and meets the evolving needs of customers. This process included running credit checks and affordability tests for all clients, while also sharing data with credit checking agencies (CRAs) in order to avoid the accumulation of unmanageable debt and cycles of borrowing. 

The UK Association for Regional Energy and Clean Technology estimates that the overall value of the renewable and clean technology sector could reach GBP 46 billion by 2035. 

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Keywords: partnership, green finance, financial services, financial institutions, payments , BNPL
Categories: Banking & Fintech
Companies: Octopus, Zopa Bank
Countries: United Kingdom
This article is part of category

Banking & Fintech



Zopa Bank

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