On 3rd Aug Zopa announced its raise of £44m to be put towards the capital needs for the next generation bank, which will offer customers a wider choice of saving and lending products while broadening its funding base with sticky retail deposits.

Zopa’s bank is expected to start with an a focus on savings products before entrance into unsecured lending options, such as credit cards. Zopa CEO, Jaidev Janardana, commented that launching a new bank as a key step for the company to further widen products on the offer for customers.

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