Breaking News
Zopa Bank Amasses £4 Billion in Customer Deposits
Zopa Bank has surpassed £4 billion in customer deposits just under four years since getting its banking license.
The ISA market has been particularly enticing to consumers looking for a tax efficient way to save. Bank of England statistics show that UK savers have been consistently moving ~£3 billion per month into ISAs for several months now, buoyed by higher interest rates.
Zopa’s Smart ISA alone accrued £1 billion in less than a year (11 months), capturing a significant share of the market. Savers chose Zopa for its intuitive app-based interface, its hybrid approach to saving (holding fix and easy access pots in the same ISA), and its flexibility (moving money in and out without eroding the allowance).
The news comes after Zopa announced its first full year of profitability:
- Zopa Bank swung to a pre-tax profit of £15.8 million for the financial year ending 31 December 2023 from a pre-tax loss of £26 million for the year ending 31 December 2022.
- Launched in June 2020, the milestone makes Zopa one of the fastest digital banks in the UK to turn an annual profit.
- Zopa now offers a large set of products that serve unmet customer needs: unsecured personal loans, credit cards, point-of-sale, car finance, savings accounts, and financial health tools.
- As a result, the bank now has 1.2m customers generating an ARR of £250 million.
- Zopa achieved 30% customer growth while becoming even more efficient: its cost-to-income ratio decreased from 45.8 to 38.7%.
Looking ahead, Zopa’s strong business performance opens the way for further expansion, acquisitions, and the launch of current accounts as early as 2024.
Companies In This Post
- Cloudflare Introduces NET Dollar to Support a New Business Model for the AI-Driven Internet Read more
- Chainlink Advances Tokenized Fund Workflows With Swift Messaging in Collaboration With UBS Read more
- HSBC: Treasurers Expect Tokenisation to Grow Fivefold, as They Take on Expanded Strategic Roles Read more
- EXCLUSIVE: “The Ambiguity of Progress” – Innes MacLeod, Swift Innotribe in ‘Discover Sibos 2025’ Read more
- Small Business Outlook: Juggling Responsibilities, Rapid Change, and GenAI | Shruti Patel, U.S. Bank Read more
Cloudflare Introduces NET Dollar to Support a New Business Model for the AI-Driven Internet
Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today announced plans to introduce NET Dollar, a new U.S. dollar-backed stablecoin that will enable instant, secure transactions for the agentic web. NET Dollar will help power a new business model for the Internet that rewards originality, sustains creativity, and enables innovation in an AI-driven world.
HSBC: Treasurers Expect Tokenisation to Grow Fivefold, as They Take on Expanded Strategic Roles
Treasurers anticipate tokenisation, embedded payments and wallet-based solutions to increase fivefold over the next two years, as they embrace innovative payment models and digital assets in response to an evolving economic environment, according to new research by HSBC.
Tarabut Inaugurates Regional Headquarters in Riyadh
Tarabut has inaugurated its regional headquarters in Riyadh reinforcing Tarabut’s role as the technology infrastructure and intelligence layer for open banking in the Kingdom
Finastra Showcases Nexus Integration Solution to Transform Trade and Supply Chain Finance at Sibos 2025
Finastra is showcasing its Trade Innovation Nexus integration layer at Sibos 2025, simplifies interoperability between bank systems and the fintech ecosystem
AutoRek Achieves Microsoft Solutions Partner Certified Software Designation for Financial Services AI
AutoRek today announced it has achieved the Microsoft Solutions Partner Certified Software Designation for Financial Services AI
TD Bank Group Presents Strategy to Accelerate Growth and Enhance Performance
TD Bank Group ("TD" or the "Bank") (TSX: TD) (NYSE: TD) is today presenting its strategy to accelerate growth and enhance performance at the Bank's 2025 Investor Day.
Fruitful Unveils Money Map, the First-Ever Automated Money System That Transforms Personalized Advice into Action with Just One Click
Today, Fruitful, the financial membership helping Americans understand, organize, and optimize their finances, launched Money Map, the first financial product that doesn’t just give advice, it executes it.
Cloudflare Introduces NET Dollar to Support a New Business Model for the AI-Driven Internet
Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today announced plans to introduce NET Dollar, a new U.S. dollar-backed stablecoin that will enable instant, secure transactions for the agentic web. NET Dollar will help power a new business model for the Internet that rewards originality, sustains creativity, and enables innovation in an AI-driven world.
Chainlink Advances Tokenized Fund Workflows With Swift Messaging in Collaboration With UBS
Chainlink announced today a landmark technical solution enabling financial institutions worldwide to manage digital asset workflows directly from their existing systems using Swift messaging and the Chainlink Runtime Environment (CRE). With Swift messages and CRE, banks and institutions can seamlessly access blockchains through the same Swift infrastructure they have relied upon for decades. This shows how institutions can access blockchains without needing to upgrade to new infrastructure, replace their existing processes, or integrate new identity and key management solutions.
HSBC: Treasurers Expect Tokenisation to Grow Fivefold, as They Take on Expanded Strategic Roles
Treasurers anticipate tokenisation, embedded payments and wallet-based solutions to increase fivefold over the next two years, as they embrace innovative payment models and digital assets in response to an evolving economic environment, according to new research by HSBC.
EXCLUSIVE: “The Ambiguity of Progress” – Innes MacLeod, Swift Innotribe in ‘Discover Sibos 2025’
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Small Business Outlook: Juggling Responsibilities, Rapid Change, and GenAI | Shruti Patel, U.S. Bank
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Finnovex Middle East 2025, Middle East’s Fintech Metamorphosis: Digital, Decentralized & Disruptive
Exibex is proud to announce the 33rd global edition of Finnovex Middle East, returning on November 11–12, 2025, in Dubai, the innovation capital of the Middle East. Under the theme “Middle East’s Fintech Metamorphosis: Digital, Decentralized & Disruptive,” this leading summit will convene over 300 banking and fintech leaders, policymakers, regulators, and technology innovators to explore the region’s transformative financial journey.
Financial Resilience in Volatile Markets: The Fintech Edge in 2025
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]