P2P lender breaks £1bn lending barrier
By Tom WrightA P2P lender has claimed it has now become the first in the UK to lend £1bn…
Section: P2P
A P2P lender has claimed it has now become the first in the UK to lend £1bn.
Zopa, based in London, has provided loans to over 200,000 borrowers and has already brokered more loans in 2015 than it did in the whole of 2014.
The increased business has seen it lend £550m this year, more than double the 2014 total of £265m.
Giles Andrews, Zopa’s CEO and co-founder, said: “Our rapid growth reflects the better value Zopa offers consumers.”
I’m proud that over the past 10 years Zopa has established itself as a trusted and mainstream service for UK consumers.”
Zopa cited a lack of trust in banks as key to its rapid growth, as well as newly formed partnerships with Metro Bank and Uber.
Giles added that Zopa is looking to lend its next £1bn in 2016.
Keywords: p2p, peer to peer, peer to peer finance, peer-to-peer finance association, P2PFA, zopa, bridging and commercial, B&C