Digital bank Zopa looks to raise £100m ahead of IPO
Digital bank Zopa is looking to raise £100m ahead of an IPO over the next 18 months.
US investment bank JP Morgan is advising the fintech firm on the capital injection which would give it a value in excess of £500 million, or £690m.
This would keep it on course to become a “unicorn” – a company valued at $1bn – by the time of its expected flotation in 18 months time, reports Sky News.
The company said it has already become one of the UK’s top ten credit card issuers, attracting more than 100,000 customers in nine months and had also seen strong demand for personal loans and car finance products, while drawing more than £400m in customer deposits.
Zopa was founded in 2005 and became a pioneer in the burgeoning peer-to-peer sector, raising tens of millions of pounds from investors to expand its business.
Zopa’s fundraising comes during a boom-time for British fintech, capped by Revolut’s recent confirmation that it had raised $800m at a valuation of $32bn, making it the UK’s most valuable private company, worth more than NatWest.