Following this announcement, Zopa will prioritise the responsibility to provide customers with products that it thinks are suitable for them, rather than accelerating the process of entering new markets or launching new products. Furthermore, the company also mentioned that the launch of its IPO is currently not a priority, as it will wait for the markets to revive and be more positive.
In addition, the company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
The lead investor in this round is Danish business A.P. Moller Holding, as well as other already existing backer investors that are not being disclosed. Throughout this funding round, Zopa will focus on the region of the UK, with a strategy to prioritise the expansion on an international scale for the future, as the process will represent a longer and opportunistic term.
According to officials of the company, Zopa is also expected to focus on its plan to launch its first current account products and services in 2025, as well as to bring more artificial intelligence (AI) into the company. Zopa is already using AI in its teams, with an example being that developers are currently leaning on it to help write code. In addition to that, the firm aims to expand AI to the front office next year with a generative artificial intelligence platform that will help customers manage their money, as well as provide them with the possibility to buy more Zopa products in a personalised way.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now