British online peer-to peer (P2P) lender Zopa has completed a £32m funding round as it gears up to launch its own retail bank.
The funding round was led by two new investors- Indian financial services group Wadhawan Global Capital (WGC) and European venture capital fund Northzone. WGC chairman Kapil Wadhawan will join the Zopa Board following the investment.
In November 2016, Zopa unveiled plans to launch a bank that will offer FSCS-protected deposit accounts, P2P investment products such as IFISAs, personal loans, car finance, and credit cards.
The lender said that the new investment will support the build-out of the technology infrastructure and product range.
Zopa CEO Jaidev Janardana said: “This investment gives us additional resources to continue our growth, support the launch of our next generation bank, and bring our award-winning products to even more people in the UK.”
Until date, Zopa has raised over £80m in equity funding. The venture secured full authorisation from the Financial Conduct Authority (FCA) last month, which paves way for the firm to become an ISA manager and launch IFISA.
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