Zopa is granted a full UK banking licence

Thursday 25 June 2020 13:50 CET | News

UK-based peer-to-peer (P2P) lender Zopa has launched a new digital bank after being granted a full UK banking licence.

Zopa Bank will offer a suite of products and services, beginning with a fixed-term savings account, which can be opened virtually within seven minutes, according to Verdict. It also launched a new tool named ‘Borrowing Power’ within its app to help customers improve their credit score by helping them borrow at lower rates.

The savings account is expected to offer competitive interest rates to account holders for deposits over one to five years. The account has been insured up to USD 106.000 by UK’s statutory deposit insurance scheme Financial Services Compensation Scheme (FSCS).

In the coming months, Zopa will also unveil a credit card with certain new features. 

More: Link

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Keywords: P2P, Zopa, UK, banking, digital bank, bank, digital, Borrowing Power, Financial Services Compensation Scheme, FSCS, credit card
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech