Zopa, a British online bank, is having a fantastic year. According to CEO Jaidev Janardana, the bank is set to double its profits in 2024, reaching £15.8 million, up from last year’s figures. Zopa has seen strong demand for its services, and it’s on track to hit over £300 million in revenue this year, a 35% jump from last year’s £222 million.
Backed by Japan’s SoftBank, Zopa is making waves in the banking world without physical branches. Instead, it offers its services—credit cards, personal loans, and savings accounts—via a handy mobile app. This is similar to other digital banks like Monzo and Revolut.
Zopa is also planning to introduce current accounts next year, allowing users to manage their money even more easily. The goal is to offer a sleek and user-friendly experience, with features like managing multiple bank accounts from one place and access to competitive savings rates.
Despite challenges in the UK economy, which has been tough for consumers, Zopa has managed to keep growing. Janardana believes that during tough economic times, fintech companies like Zopa, which offer better savings rates than traditional banks, become even more valuable.
As for Zopa’s future, an IPO (initial public offering) isn’t something the company is rushing into. While Zopa had considered going public a couple of years ago, those plans were delayed due to tough market conditions. Janardana says that while an IPO isn’t a top priority right now, he believes the market might be more favorable in a few years.
Zopa continues to grow with the support of long-term investors like SoftBank, and it’s exciting to see where the company will go next!
