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22.12 - 18:07
Zopa exits peer-to-peer lending to focus on banking
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theguardian.comIt once hoped to make banks a thing of the past by cutting them out of the equation, but now Zopa is shutting down its “peer-to-peer” (P2P) lending arm after 16 years – so it can concentrate on being a bank.
The company has contacted its 60,000 existing P2P investors to let them know that it will be handing them back their money – leaving them to find a new home for their cash at a time of ultra-low savings rates.
P2P platforms bypass the banks by linking savers looking for a better return with individuals or small businesses looking for loans.
Until recently, billions of pounds were tied up with Zopa and its competitors. However, the coronavirus crisis and increased scrutiny from regulators such as the Financial Conduct Authority – which has
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