We launched Zopa in 2005 to create a richer life for everyone by making money simple and fair. Since then, we have lent over £1.8bn, inspired a £100bn global industry and helped our lenders earn over £75m of interest. We have built a profitable, scalable and viable business. Yet we've only just begun.
We want to offer consumers even more choice, which is why, subject to regulatory approval, we have decided to launch a next generation bank to complement our existing peer-to-peer products.
We will continue to offer our peer-to-peer investment products.
Launching a bank, to sit alongside our existing peer-to-peer business, should allow us to create new and innovative savings and borrowing products. At launch, Zopa will offer FSCS protected deposit accounts to savers and overdraft alternatives to borrowers.
Existing Zopa customers will get the first opportunity to try out our new products. We will also actively welcome their input as we shape them.
The regulatory application process should take about 15-24 months, and we will provide regular updates when we have news to share.
We believe we are uniquely placed to re-define what people should be able to expect from personal finance products in the 21st century.
Over the last 11 years, we have built an innovative, profitable and well-managed business. We have proven that we can deliver great value to borrowers and investors whilst prudently managing credit risk.
Our ability to originate quality loans seamlessly online and meet our risk expectations is unmatched. No new bank has the track record we've built, and no incumbent bank has the digital expertise to deliver products the way we do.
In September, we celebrated reaching profitability, and in October this year we achieved a record lending month with £75m lent out.
We look forward to offering more products to even more people in the UK, and are excited to be continuing our journey towards the next generation banking we all deserve.