Zopa, London-based peer-to-peer lender and digital bank, announced its latest fundraise of £220 million led by Softbank Vision Fund 2 ahead of plans for an initial public offering (IPO) by late 2022 in London.
CNBC reports that Zopa is now one of the latest unicorns in the UK with a US$1 billion valuation following the fundraise.
The round is also supported by a number of existing investors including Silverstripe, Northzone and Augmentum.
The company said that it is focused on building a sustainable, profitable business model which works for its customers and shareholders.
Zopa was granted a full banking license in the UK following which the company had launched credit cards and savings accounts.
The firm added that it had attracted £675 million in deposits for its fixed savings accounts and issued 150,000 credit cards a year after the full launch of its bank.
Zopa said in a statement,
“We are focused on building a sustainable, profitable business model which works for our customers and our shareholders. This is close to becoming a reality as we are on track to hit profitability within the next 10 weeks, making Zopa one of the fastest digital banks in the UK to do so, just 18 months after gaining our full bank license. We have some exciting new products in the pipeline and we can’t wait to share them with the world soon.”