P2P lender Zopa acquires banking license

Written by Oliver Wade

Peer-to-peer lender Zopa has recently announced that it has acquired its banking license, following up on hints that it would launch a bank.

The lender has said it will roll out a range of new banking products next year, including fixed-term savings accounts, credit cards and a money management application, making it the latest challenger bank to try and take on the larger lenders.

The company has dropped several hints in the past that it wanted to launch a bank, recruiting an ex-Barclays executive in April and accumulating £60m in a recent fundraising round.

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