Zopa has announced it has been awarded its full bank licence and will be launching a new set of products, starting with a fixed term savings account.

Zopa Bank will sit alongside its existing peer-to-peer business, Zopa Limited, as part of the overall Zopa Group.  

The group indicated it will focus on better meeting the financial needs of UK customers in sectors where they have “traditionally been poorly served”, while also delivering an experience that “matches their expectations” of a digital-first company.

Building on 15 years of lending in the peer-to-peer market, Zopa said it will also be introducing a credit card in the coming months, which will include new features designed to put customers in control of their borrowing.

“Now more than ever the banking industry needs innovative, agile providers who work on behalf of customers,” Zopa CEO, Jaidev Janardana, commented.

“Securing our banking licence enables Zopa to play a wider role in the financial lives of our customers, as well as offering much needed choice and competition to the wider market.

“Beyond the current pandemic, Zopa is uniquely placed to provide a compelling alternative to traditional banking by leveraging its significant technological and financial services expertise to offer a wider range of great products, including savings and credit cards, alongside its personal loans and investments.”

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