I have fooled around with ZOPA for years. Invested a bit as a P2P loan and made a bit as returns.
They sent me this email today:
What if money felt good?
We have our banking licence!
It’s official – we just got our banking licence. And we wanted you to be amongst the first to discover more about our new bank.
One question drives us - What if money felt good?
Thirteen years ago we launched the first peer-to-peer lending company. We set out to shake up the loans market, and make lending and borrowing fairer, simpler and better value. Now we want to change banking too.
A new kind of bank
We’re building a bank designed to help you feel good about money. Just like our peer-to-peer lending company, it’ll put you in control and make your money work really, really hard. And it will never, ever put on a pinstripe suit or offer you a rubbish free pen.
What does a feel good bank look like?
No catches - Just like our peer-to-peer investment products, our new fixed term savings product will give you the same great rate as new customers. We’ll always treat everyone fairly.
No sweat - Helpful people and handy tools to make your life and money management easier. And total transparency – you’ll know exactly what your money’s doing.
Beyond good enough - We’ll listen to you and make products and services that meet your needs, just like we did with our Innovative Finance ISA.
What can you expect to see?
Currently, we have a bank licence with restrictions. This is called the ‘mobilisation phase’ of the process where the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) put some restrictions in place prior to granting our full licence. This is the same process for all new U.K. banks.
Once our bank licence is fully in place next year, following regulatory approval, we’ll be introducing more products that you can feel good about. Like our catch-free credit card and our simple to use, Financial Services Compensation Scheme (FSCS) protected, fixed-term savings product. So, look out for updates on those.
But what about my…
We know what you’re thinking: what about your peer-to-peer investments? Don’t worry, nothing is changing with our peer-to-peer lending business. Your investment will carry on working hard and helping real people achieve their goals. We just have a bank now too. It’s simply another string to our bow.
Thanks for being with us on this exciting journey.
The Zopa Team