Zopa Bank raises funds to integrate AI

FinTech referent on the UK market of the original private-private loan, Zopa Bank has raised €80 million (£68 million) to ensure the development of its business and bring it closer to that of the neo-banks. In the programme, the planned launch of a current account and an integrated AI solution.

FACTS

• Zopa Bank has been a benchmark in the UK private-private lending market since its inception. She then worked to consolidate her position by densifying her services over the years and finally turning away from her core business.

• Today, with a last-ever fundraiser, it is pursuing this diversification strategy. At the heart of his new ambitions therefore:
  • The launch of a current account planned for 2025;
  • The integration of the latest artificial intelligence (AI) technologies into these services.

• In particular, this technology should help Zopa Bank customers access credit at the best price, access interesting and personalized savings products, and make it easier to repay their current loans.

ISSUES

• Diversify its offer As Zopa claims to have lent more than £13 billion to British consumers since its launch, with a new current account, Zopa Bank completes the construction of a more complete banking and financial offer close to those of more traditional players and neo-banks.

• Surf the trend : Zopa Bank takes advantage of these new funds to develop its technological capabilities with the integration of an AI solution. Without revealing more for the time being, technology is being presented as a way for Zopa Bank to meet the needs of its more than 1.3 million clients through a tool that can improve their financial health. Zopa Bank is thus in line with the current trend of neo-banks to boost their services through AI. All markets are affected as illustrated by recent initiatives in the Bunq or Name for example)

PERSPECTIVE

• Zopa Bank has been working to enrich its offer for several years. Platform of P2P Lending originally, it announced the launch of a banking offer in 2018. For this she relied on obtaining its banking licence with the UK authorities (FCA, Financial Conduct Authority and PRA, Prudential Regulation Authority).

• However, this offer has so far remained limited to account savings, one map and offers of loans, including loans BNPL. Zopa Bank thus built its offer towards that of a neo-bank for finally abandon his initial offer of peer-to-peer loan in 2021. A relevant choice since Zopa Bank announced achieved profitability in 2022.

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