A set-term financial savings account can be in-development.
Picture supply: Jaidev Janardana/Zopa.
Some 18 months after coming into the mobilisation stage of getting its banking licence, Zopa has lastly been awarded its full licence.
The information this morning means the choice lender (and now bank) can push forward with its plan to launch a fixed-term financial savings account of between 1-5 years.
“Now more than ever the banking industry needs innovative, agile providers who work on behalf of customers. At a time when people want great value, fair financial services products and simple, intuitive digital experience, Zopa offers consumers a compelling and credible alternative they can trust,” stated Zopa CEO Jaidev Janardana.
“Securing our banking licence permits Zopa to play a wider function within the monetary lives of our prospects, in addition to providing a lot wanted alternative and competitors to the broader market.
In addition to a fixed-term saver, Zopa stated it’s engaged on an “innovative credit card” to return out later within the 12 months.
Whereas few particulars on the bank card had been revealed, Zopa did say that it’ll “tackle the wants of consumers who’ve needed to put up with poor service and unclear pricing from their current card suppliers.”
These new lending and financial savings merchandise will sit alongside Zopa’s peer-to-peer choices of private loan and auto loan, however will function underneath Zopa Bank quite than Zopa Restricted (each of which can kind a part of Zopa Group).
“Beyond the current pandemic, Zopa is uniquely placed to provide a compelling alternative to traditional banking by leveraging its significant technological and financial services expertise to offer a wider range of great products, including savings and credit cards, alongside its personal loans and investments,” added Janardana.
Zopa has had a tough time reaching this stage of getting its full licence authorized, in December it was pressured right into a dangerous 11th hour fundraise after cash from Kapil Wadhawan didn’t materialise for the lender’s essential regulatory deadline to safe its licence.
