Zopa launches a paid current account

FinTech referent on the UK market of the original private-private loan, Zopa Bank has been working for several years now to strengthen its offer and diversify its activities. But today it completes its strategy by announcing the launch of its current account. Baptised Biscuit, the offer relies on remuneration to stand out.

FACTS

• Biscuit is therefore presented as the first current account Zopa. The offer is based on a simplified model and a promise of remuneration for its clients. The accounts are paid at a fixed annual equivalent rate of 2% in the first year.

• Totally free at the time of opening, these accounts are accessible via the Zopa app available on the App Store or Google Play.

• They are also associated with savings pots with a variable rate of pay of up to 7.10% applicable on amounts placed of 300 pounds per month maximum. Deposits are protected by the Financial Services Compensation Scheme for up to 85,000 pounds.

• In addition to an instant virtual bank card, the accounts are also associated with physical payment cards that do not charge any fees abroad.

• 2 % cashback is guaranteed for one year on invoices paid by automatic debit (Direct Debit).

ISSUES

• Rewarding customers in practice To differentiate and attract customers, Zopa relies on several possible forms of remuneration for its accounts. It estimates that an average user of its new services will be able to earn up to 256 pounds a year between interest and cashback.

• Realizing its ambitions : Zopa today launches its current account offer after offering a pilot version at the end of 2024. But the British FinTech has been making longer changes to its operations. By 2021 she had abandoned her core business. At the time, Zopa ceased to be a personal loan platform to focus on his credit cards and savings account.

PERSPECTIVE

• After having encountered difficulties related precisely to its peer-to-peer lending activity (marked by a decline in investor confidence), Zopa has been able to demonstrate its resilience in the face of a amending its activities, including futures accounts.

• And his strategy was successful since Zopa became profitable in 2022.

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