Zopa has just celebrated its birthday of providing loans to consumers for 10 years. Since the site launched way back in 2005, the peer to peer lending industry has changed and grown dramatically. This growth continues today with the incorporation of new technology, better customer service and more institutional money being directed to the now numerous P2P platforms. Yet this is only the beginning.
A representative for Zopa recently shared that Zopa’s growth is fueled by consumer’s frustration with mainstream banks and low rate of return for savers.
Zopa notes that over 60 per cent of Brits said they had lost faith in banks during the last ten years as alternative financial services like Zopa and P2P lending become ever more popular
Zopa has created an infographic to highlight some of its accomplishments over the last decade.
Since 2005:
- Zopa has lent over £760 million
- £280 million was lent in 2014
- Investors have generated over £46 million in interest
- Number one category for loans? Cars
- Number two is debt consolidation
- The average loan size is £7500
Zopa expects to top £ 1 billion by this summer. The next ten years should be even more interesting.
