Challenger bank and former peer-to-peer lender Zopa has reported its first profit less than two years after gaining a full banking licence. The financial technology firm has followed in the footsteps of Starling and OakNorth to become the latest - and one of the few - British digital banks to have broken even. Having only been granted a full banking licence in the summer of 2020 as it sought to diversify its services and compete with larger financial institutions, this also makes it one of the quickest online banks to reach profitability.
In a statement, the firm said: 'Sadly, over the last few years, customer trust in P2P investing has been damaged by a small number of businesses whose approach led to material losses for customers investing in those platforms. 'Linked to this, the changing regulation in the sector has made it challenging to grow and remain commercially viable.' The group is now focusing on growing its banking business, whose products range from personal loans to car finance and fixed-rate savings accounts, and launching an initial public offering later this year.
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