UK-based Zopa has announced its its first full year of profitability, aiming to accelerate its development and to offer current accounts to customers by the end of 2024. Following this announcement, Zopa posted a pre-tax profit of GBP 15.8 million for 2023, from a loss of GBP 26 million the previous year.

The financial institution also increased its deposit base by 15% to GBP 3.4 billion in the same period, with an overall total loan balance of GBP 2.7 billion. Zopa will continue to focus on meeting the needs, preferences, and demands of customers and clients, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. More information on the announcement Zopa represents a financial institution that was developed in order to design improved solutions for its customers’ and partners’ money needs.

The bank focuses on transparency and trust, as well as on security and the privacy of its clients, while also providing them with the needed access to its suite of solutions and expertise. Included in its products are car finance solutions, car loans, debt consolidation loans, wedding loans, credit cards, personal contract purchases (PCP), hide purchases (HP), and others. Currently, concerns exist in the overall financial landscape, as the low investor trust around the banking sector is partly linked to the worries that lenders have made too much money from the overall high-interest rate environment.

At the same time, there is a concern that their earnings would fall at the moment when central banks and financial institutions cut their benchmark rates. Zopa focused on savings accounts and offering credit cards, personal loans, and car finance in order to accelerate its development process. The financial institution is also expected to focus on launching a current account for existing users by the end of 2024 before Zopa aims to broaden its offer to new customers and markets in 2025.

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