Zopa company profile: valuation, funding & revenue

This Zopa company profile covers the company's valuation, revenue, funding rounds, investors and history. Zopa works in fintech, with a focus on digital bank (loans, savings and current accounts). It was founded in 2005 and is headquartered in London, United Kingdom. Its latest valuation on record is Above US$1 billion (December 2024). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

£377.1 million, up 24% — Annual revenue, 2025 (company-reported), as of FY2025. Source: Zopa.

Funding history

Zopa timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2005 — Zopa is founded in London by Richard Duvall, James Alexander, Giles Andrews, David Nicholson and Tim Parlett.
• Oct 2021 — Equity round: US$300M, valuing the company at US$1B. Investors: SoftBank Vision Fund 2 (lead) and others.
• Dec 2024 — Equity round: US$87M, valuing the company at Above US$1B.
• FY2025 — Underlying profit before tax: £65 million, nearly double 2024; third full year of profit.
• FY2025 — Deposits / loans: £6.4 billion deposits (+17%); £3.8 billion loans on balance sheet (+23%).
• FY2025 — Customers: 1.7 million, including more than 500,000 new in 2025.
• FY2025 — Cost-to-income ratio: 34.8%.

Investors

Overview

Zopa is a UK digital bank offering personal loans, car finance, credit cards, savings accounts, investments and, since 2025, a current account called Biscuit. It began life in 2005 as the world's first peer-to-peer lending platform, connecting people who wanted to lend money with people who wanted to borrow it. In 2020 it became a fully licensed bank, and in 2021 it closed the peer-to-peer business to focus on banking. It now serves 1.7 million customers and has been profitable for three consecutive years.

Zopa was founded by Richard Duvall, James Alexander, Giles Andrews, David Nicholson and Tim Parlett, several of whom had worked at the online bank Egg. Its chief executive is Jaidev Janardana, and it is based at Canary Wharf in London.

From peer-to-peer lender to bank

Peer-to-peer lending was a genuinely new idea in 2005: savers could earn more than a bank deposit by lending directly to vetted borrowers, and borrowers could get cheaper loans. Zopa grew into one of the largest platforms in the UK. Over time, however, the model became harder to scale. Investors wanted more liquidity, regulators tightened rules, and funding from individual lenders was less stable than bank deposits. Becoming a bank solved this: deposits protected by the UK deposit guarantee scheme provide a large, steady, low-cost source of funding for loans. Zopa received its full banking licence in 2020 and wound down peer-to-peer lending in December 2021.

How Zopa makes money

Like most banks, Zopa earns most of its income from net interest: the difference between the interest it charges borrowers and the interest it pays savers. Its main lending products are unsecured personal loans, car finance and credit cards, which earn higher interest rates than mortgages but carry more credit risk. It also earns fees and card income, and is adding investments and everyday banking to deepen customer relationships. Its competitive edge lies in credit decisions: it uses large amounts of data and machine learning to price risk, aiming to lend to good borrowers at competitive rates while keeping losses low.

2025 results

For the year to 31 December 2025, Zopa reported:

• Revenue: £377.1 million, up 24%.
• Underlying profit before tax: £65 million, nearly double 2024, its third full year of profitability.
• Deposits: £6.4 billion, up 17%.
• Loans: £3.8 billion on balance sheet, up 23%.
• Customers: 1.7 million, with more than half a million added in 2025.
• Cost-to-income ratio: 34.8%, which the company describes as among the best in its category.

The "underlying" profit figure excludes certain one-off items, as the company notes.

Funding history

Zopa has raised capital from venture and growth investors over many years. In October 2021, it raised US$300 million led by SoftBank Vision Fund 2 at a US$1 billion valuation, joining the UK's list of fintech unicorns. In early 2023, existing investors put in a further £75 million. In December 2024, it raised about US$87 million in equity at a valuation above US$1 billion; reports named A.P. Moller Holding, the Danish investment group, as lead. As a bank, Zopa also raises regulatory capital through instruments such as Additional Tier 1 bonds, including an £80 million issue in 2025.

Competitive landscape

Zopa competes with large high street banks, specialist lenders, credit card providers and other digital banks such as Monzo, Starling and Revolut. Unlike those apps, which grew from current accounts and later added lending, Zopa grew from lending and savings and is now adding the current account. That gives it strong lending economics but means it has to win the "main bank" relationship from scratch.

The IPO question

Zopa's leadership said in 2021 that it could list as soon as late 2022. As markets cooled, it prioritised profitability and growth over an IPO. With three years of profits, a growing balance sheet and a broader product range, it is one of the more plausible UK fintech listing candidates when conditions improve.

What to watch next

Watch take-up of the Biscuit current account, credit quality as the economy changes, the effect of interest rate moves on margins, new capital raises, and any IPO decision.

Key facts at a glance

Zopa is a London digital bank founded in 2005 as the first peer-to-peer lender and licensed as a bank in 2020. In 2025 it reported revenue of £377.1 million, underlying profit before tax of £65 million, £6.4 billion in deposits and 1.7 million customers. It became a unicorn in 2021 after a US$300 million round led by SoftBank and raised again in late 2024 at a valuation above US$1 billion.

Why lending-first digital banks can be profitable early

Many digital banks struggled to make money because they attracted millions of current account users who kept small balances and didn't borrow. Zopa started with the profitable side of banking, lending, and funded it with savings deposits. That gave it meaningful revenue from the start. The trade-off is credit risk: in a recession, more borrowers fall behind on unsecured loans. Zopa's results through a period of high inflation and interest rates suggest its credit models have held up, but investors will keep a close eye on loan losses.

Questions to ask when comparing digital banks

• Is the bank fully licensed, and are deposits covered by the national deposit guarantee scheme?
• How do savings and loan rates compare once fees are included?
• How quickly does it make lending decisions, and does it run a hard credit search?

What this means if you're…

A UK saver or borrower: compare digital banks on rates, deposit protection and fees, just as you would traditional banks.

A fintech founder: Zopa shows how a business model can be reinvented, here from peer-to-peer to banking, to reach profitability.

An investor: look at profit growth, cost-to-income and credit losses together when judging a lender's value.

Latest developments (October 2026)

Zopa reported its third straight year of profit for 2025. Adjusted profit before tax roughly doubled to £65 million and revenue rose 24% to about £377 million, according to Crowdfund Insider. Customers reached 1.7 million, deposits £6.4 billion and loans £3.8 billion, and its current account, launched in 2025, ran ahead of plan, according to Techleap. See our largest UK startups guide.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Wikipedia
2. Zopa