Zopa bank has launched its first Cash ISA account in order to help savers level-up their 2024 finances.
Zopa bank says its aim is to “help millions of Brits with an ISA account better save by making the £333 billion sitting in Cash ISAs work harder, tax free, ahead of the April transfer window.”
Zopa bank adds that the account takes “a novel approach to ISAs by combining Access & Fixed Term functionalities under one roof.”
As noted in the update from Zopa, it is mobile only and “flexible”, meaning money can be moved in and out the account within the tax year. As explained in the announcement from Zopa, this is the first in “a series of new products and partnerships kicking off in 2024.”
In other company updates, the Fintech firm has shared the following with CI:
- Zopa Bank continues to operate profitably (2023 accounts expected in Q2)
- Zopa have over 1 million customers generating an annualized revenue run rate (ARR) of £250 million; we are expected to serve 5 million customers by 2027
- Zopa claims that they are becoming more efficient. Their proprietary technology brought down our cost-to-income ratio further to 40% (2022: 45.8%)
- They just hired Zopa’s first VP of GenAI; Didier Baclin will lead a new AI Taskforce that uses LLMs on open banking data models to create even better customer insights and interactions
Zopa bank has reportedly “achieved this growth while maintaining their industry-leading net promoter score (NPS) of 82 (as of end H1 2023).”
They are also supporting “a major 2024 product push.”
They have recently launched:
- A new regulated BNPL product, as a responsible alternative to existing providers
- The new Cash ISA account (above), enabling savers to keep more of their hard-earned returns
- The Pledge coalition (www.pledge2025.org) now has 50 members working together to help tackle the cost of living crisis with a combined user base of >25 million users