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Zopa break £400million mark
Zopa have today broken the £400millon mark by arranged loans. This is significant considering that a quarter of these loans were arranged within the last 6 months. With rates to borrowers having fallen also during this period, we expect this rate to increase further, and we would also predict the passing the £0.5billion mark within the first quarter of 2014.
Giles Andrews, CEO of Zopa, stated:
Lending £400 million is a fantastic achievement and a great sign of the appetite that UK savers and borrowers have to get a better deal through peer to peer lending. Zopa is growing faster than ever lending at a rate of 3 times to the same period last year. We are very proud to reach this industry milestone by the support of our savers and borrowers who use us. We will soon reach half a billion pounds lent which we estimate will coincide with Zopa becoming regulated in April next year. UK savers seem to have been forgotten by the banking establishment, so it is not surprising more people are giving Zopa a try.