Zopa exits P2P lending

Zopa has decided to close its P2P lending business after 16 years of operations, choosing to focus solely on its bank.

By the end of January 2022, Zopa Bank — which was granted full banking licence in June 2020 — will be buying the P2P loan portfolio in order to return customers’ investment balances. 

There will be no impact on borrowers, as Zopa Bank already services them and their loans will continue unimpacted.

In a statement made last week, Zopa said: “Since the launch of Zopa Bank in June last year, we’ve seen strong demand for our new products, such as our credit card and fixed-term savings accounts, which many of our investors have already opened.

“This early success shows that we’re able to help more people through our fully regulated bank, offering our customers a wider range of financial products.

“We’re extremely proud of our P2P DNA and are honoured that over 90,000 investors joined us on this journey over the last 16 years.

“From everyone at Zopa, we thank every single investment customer for their continued support in making Zopa what it is today.”

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