UK-based digital bank Zopa Bank has raised just over €80m in an equity funding round led by AP Moller Holding, the parent company of AP Moller Group, alongside existing investors.
Established in 2020, Zopa Bank has more than 1.3 million customers, more than £5bn in deposits and currently has £3bn loans on its balance sheet.
With around 850 employees, the digital bank has one of the highest employee satisfaction scores in the UK fintech industry.
Zopa intends to use the financing to support its continuous growth, launch the current account feature in 2025 and a GenAI proposition.
Zopa Bank CEO Jaidev Janardana said: “Since launching our bank in 2020, we’ve consistently offered financial products that offer great value and ease to our customers, supporting our vision to build Britain’s best bank.
“We are thrilled to have investors who share our excitement at the opportunity to serve more customers across more product categories as we aim to become the go-to bank for millions of consumers.”
Unlike many fintechs or e-money institutions, Zopa holds a full banking license and adheres to the same regulatory standards as traditional banks.
Customers’ deposits are safeguarded by the Financial Services Compensation Scheme (FSCS), protecting up to £85,000 per account.
The lender said it aims to enable its customers to improve their financial health, get better-priced credit, access saving products, and transfer card balances quickly.
Furthermore, Zopa has partnered with major UK retailers, such as John Lewis, and with Britain’s largest electricity supplier Octopus Energy, to support the transition to green energy.
