Fintech
Compare the Integra Zopa Bank and Loanable Services market
Andy Hancock, Chief Growth Officer at Compare the Market, says: “We are delighted to welcome Zopa Bank and Lendable to our direct group of lenders. Having direct relationships means we can work even more closely with lenders to develop products and services that generate great business for customers. Our money offering is expanding and we are continuing to develop additional products and services for card and loan providers that will increase customer choice and provide the best products and offers.”
Compare the Market, launched in 2006, has grown steadily to become one of the UK’s leading price comparison websites. Initially focused on insurance, the platform has diversified its offering to include a wide range of financial products, such as credit cards and loans.
Lendable, known for its fast decision-making and financing processes, uses advanced data science and machine learning techniques to improve lending operations. This capability allows Lendable to offer loans to a broader spectrum of borrowers by leveraging comprehensive data points beyond traditional ones credit scores.
Zopa Bank has reported a significant financial turnaround, achieving a pre-tax profit of £15.8m for the financial year ending 31 December 2023. This marks a substantial recovery from a pre-tax loss of £26m in the year previous. The bank’s total revenue for 2023 reached £226m, an increase of 29.7% despite challenging market conditions. Additionally, Zopa has raised £75m of Tier 2 capital to fuel growth. This financial performance and capital increase were seen as possible steps towards an IPO.
Lendable also raised £210 million in a funding round led by the Ontario Teachers’ Pension Plan Board through its Teachers’ Innovation Platform (TIP), bringing the company’s valuation to over £3.5 billion. Additionally, Lendable made its first investment in South Asia by providing $20 million in debt financing to ShopUp, a leading B2B commerce platform in Bangladesh. This investment aims to improve ShopUp’s supply chain operations and distribution network.
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