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London based peer-to-peer lender Zopa has raised £32m in Series E funding led by Northzone and Wadhawan Global Capital. Zopa is a P2P money lending service that allows lenders and borrowers to deal directly with one another, cutting out the banks who act as middlemen.
Jaidev Janardana, Zopa CEO, says: "This investment gives us additional resources to continue our growth, support the launch of our next generation bank, and bring our award-winning products to even more people in the UK." The funding follows a breakout year for Zopa, which has facilitated over £800m in personal loans to UK consumers in the past 12 months and in January became the first European peer-to-peer lender to make £2bn worth of loans. Jeppe Zink, Partner at Northzone says: “We believe Zopa is a blueprint of what the modern, technology-first bank will, and should look like, based on transparency and customer service. Zopa is already a trailblazer in the market, and is in a strong position to build on this, with the launch of their new products.”
