Zopa exits P2P space

Thursday 9 December 2021 12:11 CET | News

Zopa has announced it will wind down its peer-to-peer (P2P) business after 16 years of operation, and its banking arm will buy the P2P retail loan portfolio from investors.

The economic turmoil induced by the pandemic led investors to cash out, and several large players shuttered, like Growth Street and Fitzrovia Capital.

Zopa has attracted USD 865.6 million in deposits and doled out 150,000 credit cards since attaining its banking licence in December 2019. In addition to loans and credit cards, the fintech offers fixed-term savings accounts.

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Keywords: retail, P2P lending, neobanks, digital banking
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
This article is part of category

Banking & Fintech