UK-based online bank Zopa has reported a remarkable achievement, doubling its pre-tax profits in its second consecutive year of profitability.
In presenting the full-year results, CFO Steve Hulme announced that the bank’s customer base has expanded to 1.4 million, with pre-tax profits rising to £34.2 million. Total revenue saw a significant increase of 30.2%, reaching £303.4 million, while the customer base grew by 28.1% in 2024 across its various savings and lending products.
The year was marked by strategic partnerships, as Zopa ventured into new sectors. Collaborating with Octopus Energy, the bank entered the £23 billion UK renewable energy market. Additionally, a partnership with John Lewis allows Zopa to provide personal loans to its extensive customer base of 23 million.
Hulme stated, “As we look to the next phase of our journey, our goal is to meet an even broader range of our customers’ financial needs. Supported by ongoing profitable growth, we are preparing to launch the Zopa Bank Account, our flagship current account that will offer unparalleled value and simplicity.”
In December, Zopa secured £68 million in funding, led by AP Moller, the owners of Maersk, to support further expansion. The bank also doubled its physical presence in London by relocating to a larger office in Canary Wharf to accommodate its growth.