It took about ten years to Zopa, one of the very first peer-to-peer lenders globally to launch back in 2006, to reach the social lending milestone of £1 billion. They aim to reach £2 billion by the end of 2016.
But rest assured, Giles is committed not to rest on their laurels. He’s aiming to fully leverage the lack of trust for traditional banks in the UK to accelerate Zopa’s growth and reach £2 billion by the end of 2016.
To achieve his ambitious goals, Giles recently demonstrated that Zopa was prepared to partner with other UK financial institutions like the much loved Metro Bank.
Zopa’s CEO quotes
“Our rapid growth reflects the better value Zopa offers consumers. Zopa is a trusted service for over 200,000 people who are looking to borrow or grow their money. We’re delighted to have lent over £1 billion and will continue to deliver the best service across consumer finance as we aim to lend our next £1 billion in 2016. I’m proud that over the past 10 years Zopa has established itself as a trusted and mainstream service for UK consumers.”
Zopa’s Social Lending Stats
- Number of borrowers: 146,000
- Number of lenders: 61,000
- Interest returned: over £57m
- Average lending rate: 5%
- Loan purposes by volume: Cars (40%), Home Improvements (22%), Debt consolidation (22%), Wedding (2%), Holidays (2%), Motorbikes (2%), Other (4%)