Deposits at Zopa Bank surpass £2 billion

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Last Updated on August 25, 2022 by Bitfinsider

Less than two years after the erstwhile peer-to-peer lender created its challenger bank, Zopa’s bank deposits have surpassed the £2 billion barrier.

The bank claimed that the fixed term savings accounts and its mobile-only Smart Saver account saw strong demand, which helped them reach the milestone.

Users who are just starting their savings adventure are the focus of the Smart Saver account. Over the last seven months, deposits totaling £850m have been attracted.

With a minimum deposit of £1,000, Zopa’s fixed-term savings account enables investors to receive a fixed rate of interest for a term of one to five years. Over the last 24 months, it has drawn £1.15 billion.

In 2005, Zopa made its debut as the first platform for peer-to-peer lending in the globe. It made a change to become a challenger bank in 2020. This summer, Zopa rebranded as Plata Finance after selling its defunct P2P division.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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