Zopa raises £44m to build ‘next generation’ bank | City A.M.

Peer-to-peer lender Zopa has raised £44m – its largest sum so far – to help fund the “next generation bank” it has been building.

The firm, which matches borrowers with people looking to invest, aims to build a set of products that “customers can feel good about”, with no catches on rates or charges, no hassle to use or understand and which cater to the needs of new and existing customers in a fast-changing market.

Chief executive Jaidev Janardana said: “We aim to be the best place for money in the UK and we believe that launching our bank is a key next step.

“It allows us to offer a wider choice of products and to help our customers make smarter choices with their money. This further injection of capital takes us a step closer to that vision and we are delighted that our investors have supported us on this journey.”