Zopa raises $25 million in funding
Zopa has raised £15 million ($25 million U.S.) in funding from Arrowgrass Capital Partners. Arrowgrass CEO Henry Kenner has joined Zopa’s board of directors as a non-executive. Zopa is a peer-to-peer lending service in London. Zopa helps people find better rates by lending money to people that want low-cost loans.
Zopa’s lenders have let customers borrow over £455 million through the platform. Zopa plans on using the funding to support their growth and increase their marketing. Zopa lent £180 million in 2013 and wants to hit £500 million in total by April 2014.
“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,” stated Zopa co-founder and CEO Giles Andrews.