Fintech fund Augmentum Fintech plc (LON:AUGM) announces that it has made a further £4 million investment into digital bank, Zopa, as part of a £75 million funding round alongside other existing investors.
The funding will be used to support London-headquartered Zopa’s next phase of growth, meeting the capital requirements of its growing balance sheet, and supporting M&A activity.
Since being awarded a UK banking licence in 2020, Zopa has attracted £3 billion in deposits, more than £2 billion in balance sheet loans and issued more than 400,000 credit cards. Despite the challenging macroeconomic environment, Zopa continues to grow revenue by more than 100% year on year1, driven by the continued expansion of its suite of digital-first financial products, and became profitable in April 2022.
Tim Levene, CEO of Augmentum Fintech, said:
“This funding round marks the start of the next chapter for Zopa and we are pleased to support their growth. The Zopa team have continued to execute on their growth plans despite an uncertain macro backdrop, bolstered by world class digital capabilities and 17 years of lending experience”.
