Zopa looks to build P2P lending offering after netting £15 million investment

Peer-to-peer lending platform Zopa has raised £15 million of new investment capital ahead of a projected lending target of £500 million by April 2014.

Arrowgrass Capital Partners has led a funding round for London-based Zopa, and now joins Augmentum Capital, Wellington Partners and Balderton Capital as backers.

Zopa, set up in 2005, facilitates peer-to-peer loans for the retail and business community. Customers have lent some £455 million through the platform, with £180 million dealt in 2013.

The new funding amount comes on the back of an undisclosed funding injection involving Augmentum Capital in December 2012. Following a Series A round worth £1 million in January 2005, it then went on to raise two Series B closes of $15 million and $5 million in March and July of 2006 and a $12.9 million Series C in March 2007.

New backer Arrowgrass Capital Partners claims to be a European-focused alternative asset manager and has funds under management of $4.6 billion.

Giles Andrews, CEO and co-founder of Zopa, comments, ‘As Zopa enables borrowers to dramatically cut their borrowing rates, and savers to see their money grow at market-leading rates and with the security they deserve, it’s win-win.

‘This investment offers the opportunity to spread the benefits of Zopa further and faster.’

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Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for GrowthBusiness.co.uk from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

Related Topics

P2P Lending