This is the first time Zopa bank turns a profit, making it one of the fastest digital banks to achieve profitability ever.

We expect to remain profitable from this point onwards, continuing our accelerated growth.

The news will be announced later today from the Innovate Finance Global Summit by Zopa’s CEO Jaidev Janardana.

More context and some figures:

• The past year has been a highly successful one for Zopa bank as we’ve exceeded our targets across new and existing products and raised $300 million led by Softbank to fuel our accelerated growth

• Since launching our bank in 2020 we have attracted £1 billion in deposits, more than £1 billion of loans on balance sheet, issued circa 250,000+ credit cards becoming a top 5 credit card issuer in the UK, and tripled (3x) our revenue per customer 

• Our Fixed Term Savings account alone amassed £1 billion in customer savings in 18 months topping the tables 15 times, offering great value and an intuitive digital experience

• In February we launched the Smart Saver, a “hybrid” savings account (easy access / notice) to help young users at the beginning of the saving journeys better save in a post-pandemic world – it attracted 10k customers and £8m deposits in less than a month

• Looking ahead, we anticipate closing 2022 with a balance sheet of £2bn and again more than doubling our revenues

• Zopa will launch a fully regulated Zopa BNPL product in the fall, targeting big-ticket items

Jaidev Janardana, CEO at Zopa bank said: “The past year has been a highly successful one for Zopa as we’ve exceeded our targets across new and existing products and raised $300 million led by Softbank to fuel our accelerated growth. Hitting profitability in just 21 months is a testament to our unique model that meets customer needs by focusing on how they borrow and save - the two things with the most impact on finances. Today’s news makes Zopa one of the fastest digital banks to achieve profitability ever and reinforces our thesis on the importance of sustainable growth as a catalyst for accelerated product and market expansion.”