Zopa reports record month of lending

Zopa has recorded its second consecutive month of record lending.

The peer-to-peer platform revealed that it lent more than £81m during February 2017 as it approved nearly 12,000 borrowers.

This was £24m more than for the same period last year.

The platform celebrated a record year of lending during 2016 as it passed the £2bn milestone and back in November it announced plans to launch a bank.

“Increased loan volumes are an excellent endorsement of our borrowing product in an increasingly competitive environment,” said Andrew Lawson, chief product officer at Zopa. 

“We are building awareness among UK customers with our recent British Bank Awards and our Superbrand status, which are attracting an increasing number of creditworthy people looking for a loan.

“But it’s important to remember we’re a marketplace, and with interest rates at historically low levels for both borrowing and lending, we continue to monitor target rates and queues as more and more investors come to us for a better return.”

Last year, Zopa partnered with Unshackled.com as it made its first move into retail point of sale financing and the platform plans to launch a mobile app for its loan customers to make signing up and managing loans easier. 

Andrew concluded: “We’re growing quickly in all areas of our business, and new initiatives to help us attract more loan customers will put us in a fantastic position for more record loan volumes in months, and even years, to come.”

Leave a comment