Zopa reports £1.5m profit

Zopa has announced a £1.5m profit after tax for the year ended 31st December 2017 for its P2P business.

The announcement marked a return to profitability for the company, which was helped by a 40% growth in revenue on 2016’s £33.2m to £46.5m.

The rise in revenue coincided with an increase in the amount of money it lent, with lending growing by 43% on the 2016 figure to £985m.

Zopa has also put its growth down to its focus on tech innovation, which includes letting customers know in seconds whether they are pre-approved for a loan, alongside a range of initiatives and partnerships to reach new customers.

Jaidev Janardana, CEO at Zopa (pictured above), said that 2017 was a landmark year for the company after it passed the £2bn lending mark and received full FCA authorisation.

“We’re proud to see the company’s efforts reflected in our record lending figures, profitability and strong customer growth. 

“It’s a big step towards Zopa’s vision to be the best place for customers’ money. 

“We’ve invested significantly in technology, in our proprietary back office infrastructure and in our people, all of which have helped Zopa to continue to scale and grow sustainably.”

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