Zopa Bank has reportedly teamed up with John Lewis Money, the financial services arm of John Lewis Partnership, in order to provide personal loans to its 23 million customers.
The partnership will see Zopa embed in the John Lewis Money website its personal loan product, giving the retailer’s customers “more finance options” that are transparent.
Customers are able get a personalized loan quote in “3 minutes with no impact to their credit score,” with most customers accessing their money in under 2 hours once their loan has been approved.
Available loans will range from £1,000 to £35,000 with a term ranging from one through to seven years.
Tim Waterman, Chief Commercial Officer at Zopa Bank, said that consumers have a “long-held” trust in John Lewis, and they’re looking forward to working cooperatively with them to help people access “better-priced” credit.
Tim added that Zopa Bank has been focused on offering customers value and experience. Tim also shared that they have aim to lead the movement towards more personalized rates as well as faster loan approvals and serve 1 million customers in the United Kingdom.
Andy Piggott, Director of Credit and Banking at John Lewis Money, added that whether it’s to help with home renovations, buy a car, or to help fund a once in a lifetime trip, they now hope that this additional finance option can help their customers “turn their ambitions into reality.”
Today, Zopa Bank claims that it serves around 1.3 million customers with personal loans, credit cards, point-of-sale retail finance, car finance, savings accounts, as well as financial health tools.
It has grown since becoming a Bank back in 2020 via various partnerships, organic and “inorganic” business expansion, and product innovation.
It is preparing to introduce a current account this year.
Zopa Bank products are used by various customers and may be integrated to support the business partners’ requirements.
Zopa Bank claims customers / clients such as digital commerce merchants, such as Simba, Emma and Swyft, and the UK’s electricity supplier Octopus Energy.
Founded in 2020, Zopa Bank is the profitable tech Unicorn that is building Britain’s best bank. Its peer-to-peer heritage rooted firmly in fintech brings significant lending experience to its operations as well as £11 billion in personal loans “approved.”
In 4 years Zopa has secured its banking license, reportedly grown to more than 1 million customers, achieved profitability, and has also introduced various products including unsecured personal loans, point-of-sale, car finance, credit cards, savings accounts, as well as different tools for improved financial management.