The head of peer-to-peer lending business Zopa is to step aside, with immediate effect, to be replaced by his number two.

The Telegraph has learnt that chief executive Giles Andrews, after eight years in the role, is to be replaced by Jaidev Janardana, the chief operating officer. Mr Andrews will instead take on the role of executive chairman.

The move comes just weeks after the alternative finance provider announced that it had issued more than £1 billion in loans since its inception a decade ago. The business has announced ambitious targets to lend a further £1 billion by the end of 2016.

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