Zopa, a UK-based peer-to-peer (P2P) lending service, has now lent around £500m to UK borrowers since launching in 2005, which makes it a reliable and trusted alternative to banks.
The company had also lent £200m in the last 12 months, which accounts for 40% of the money it ever lent.
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Currently, Zopa has 52,000 active savers lending on average £5,500 and 80,000 borrowers. It has already delivered £30m in interest since its launch and expects to deliver over £20m in interest from borrowers in 2014.
Zopa CEO and co-founder, Giles Andrews, said lending half a billion pounds of other people’s money is a superb achievement for Zopa made possible only by their customers.
"Our mission is to deliver every saver and borrower in the UK better rates and service, as they deserve. By cutting out the banks and offering returns of 5% we are rewarding people for being sensible with their money. Even better to know is that with the protection of our Safeguard fund, no saver has lost money with Zopa.
"Our borrowers enjoy market-leading low-rate loans and award winning service. Lending the next £500m shouldn’t take another nine years as we expect to reach £1bn lent in the next 12 months," Andrews added.
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