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Zopa becomes first P2P lender to smash through £2bn loans barrier

London-based FinTech firm Zopa has surpassed the £2bn loans mark, becoming the first of the new breed of peer-to-peer (P2P) lenders to do so.

The lender, which was the first to pioneer the P2P financing model, says it has now helped 246,000 borrowers across over 300,000 loans since it launched 12 years ago.

In that time P2P lending, which aims to put borrowers directly in touch with lenders without banks or other institutions acting as the middleman, has become an increasingly mainstream proposition, with individuals and businesses increasingly turning to alternative finance.

Zopa Chief Executive Officer, Jaidev Janardana, commented: “We’re excited to be the first UK peer-to-peer lender to pass the £2bn milestone. Over the last 12 years, we’re proud to say we’ve helped over a third of a million people get better interest rates for both borrowing and lending.

“The £2bn milestone demonstrates how far we have come, but our journey is only just getting started. Our decision to launch a next generation bank reflects our mission to create better options for consumers and to shape the future of finance.”

Fellow P2P lender, Funding Circle, is Zopa’s nearest rival in the sphere, having facilitated around £1.92bn of loans since 2010.

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