The deal is the first of its kind in the UK and a sign that some parts of the UK banking sector are embracing P2P lending as a new asset class.
Metro Bank has already begun lending funds to Zopa’s consumer borrowers.
Zopa and Metro Bank have said that the partnership is a great example of how financial challengers can collaborate to provide additional value and revolutionise the UK banking sector.
By lending through Zopa’s platform, which has over a decade of lending experience, Metro Bank will be helping UK consumers get a loan to finance a car, home improvement or consolidate existing debts such as credit card debt, and in turn generate an attractive rate of return.
Giles Andrews, CEO and co-founder of Zopa, said:
“This is another milestone for Zopa and the P2P industry as this partnership brings together two key challengers to the traditional financial services landscape and signals our intent to become a mainstream service. Partnering with Metro Bank is an exciting move for Zopa as I believe both companies share the same values in providing exceptional customer service but through different channels.
“This unique partnership is the first of its kind in the retail banking sector and a clear sign that Zopa is a trusted platform not only for consumers but also for institutions to deploy their funds. We’re delighted that Metro Bank is lending through Zopa and we look forward to working even closer with Metro Bank on future opportunities and products.”
Craig Donaldson, Chief Executive Officer at Metro Bank commented:
“At Metro Bank we’re committed to revolutionising UK banking and we’re delighted to have partnered with Zopa, a fellow financial challenger. We are continually looking to work with partners that can benefit our customers and Zopa are the perfect players in the P2P space to help us lend funds to consumers.
“The partnership we have with Zopa is a cultural fit that works perfectly with our commitment to providing a convenient and customer-focused banking experience and we look forward to working with them closely.”
