British peer-to-peer lender Zopa has received a U.K. banking license as it aims to launch a brand-new suite of financial products to compete with industry giants.
The company had been granted an initial permit with restrictions from the Financial Conduct Authority to open a bank.
Jaidev Janardana, CEO, Zopa, says: “Acquiring our banking license is the starting point for Zopa to become a major force in retail banking.
“When we pioneered the peer-to-peer lending model globally in 2005, we did so by listening to customers and creating a better product for them. We will bring the same focus to our banking products – drawing on tech innovation, our values of fairness and transparency, and better customer service to help even more people to feel good about money.”
