UK digital bank Zopa announced on 6 December 2024 that it had raised €80 million (about £68 million) in an equity funding round led by A.P. Moller Holding, as it prepared to launch a current account in 2025.
A.P. Moller Holding, the Danish investment company with a net asset value of about $32 billion, led the round, with participation from existing investors including Silverstripe. The raise kept Zopa's valuation above $1 billion.
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The new capital will support the launch of Zopa's current account as well as a generative AI proposition that the bank said “reinvents how people interact with their money”.
Zopa, which received its full UK banking licence in 2020, said it had more than 1.3 million customers, around £5 billion in deposits and about £3 billion of loans on its balance sheet, and employed approximately 850 people. Its products include savings accounts, personal loans, credit cards, car finance and point-of-sale finance, and it has recently partnered with retailer John Lewis to offer personal loans to its 23 million customers.
The bank made a pre-tax profit of £15.8 million in 2023, its first full year of profitability, and said it expected to double its profits in 2024.
Chief executive Jaidev Janardana said: “We are thrilled to have investors who share our excitement at the opportunity to serve more customers across more product categories.”