The round was led by Softbank Vision Fund 2, with participation from Chimera Abu Dhabi. The round was further supported by existing investors IAG Silverstripe, Davidson Kempner Capital Management LP, NorthZone, and Augmentum Fintech. The deal is currently pending regulatory approvals from the PRA and the FCA.
The funding will be used to meet the capital requirements of Zopa bank’s rapidly growing balance sheet. Recent growth has been fuelled by the expansion of Zopa’s suite of digital-first financial products.
Zopa’s solutions will enable users to improve their financial health, gain access to better priced credit, access saving products based on individual preferences towards interest and flexibility, and to transfer card balances in a way that helps pay down credit.
Its recent partnership with ClearScore offers a Zopa pre-approved credit card to users who may have previously been declined credit products, while its integration with CreditLadder makes it possible for renters with thin files to improve their credit score by reporting their rental payments.
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