Investing in the financial tech industry is booming nowadays, with reports estimating that the global fintech industry will reach up to $700 billion by the end of the decade.
As one of the earliest players in this sector, you might be interested in finding out more about the Zopa IPO plans and current financial status.
Zopa is a British fintech platform that was established in London, United Kingdom in March 2005.
Zopa offers various financial services, such as personal loans and credit cards. The company was the first to introduce a peer-to-peer lending model when it first launched, but it discontinued this service in late 2021.
In 2015, the fintech startup appointed Capital One’s former CMO, Jaidev Janardana, as the company’s CEO.
In 2016, Zopa announced its plans to apply for a full banking license, which will help it expand its financial services across the United Kingdom.
The successful model of the company allowed it to win multiple awards, including the "Bank of the Year 2022” Award, presented by AltFi.
In June 2021, Zopa’s CEO announced that the fintech company is planning for an initial public offering (IPO) in the late quarter of 2022.
However, like many establishments that backed out in 2022 due to unstable market conditions, Zopa ended up delaying its IPO plans.
In fact, a report by CNBC said that Zopa had to cut expenses due to fears of an upcoming recession and its impact on the fintech industry.
Yet, Zopa’s CEO didn’t dismiss the company’s intention to go public at some point. Instead, he said that the company is only waiting for the right time to go public, as it’s something you want to “do once, and do right”.
Since forecasts for the 2023 market aren’t promising, according to many reports, Zopa’s IPO plans may take up to a few years before they become a reality.
Zopa’s pioneering business model allowed it to raise an exceptional amount of funds over the years. In fact, the British fintech startup-turned-bank raised over $886.1 million over 14 funding rounds.
The company is also funded by a wide variety of investors, led by:
The latest funding rounds of Zopa were in February 2023 and October 2021, raising £75 million and £220 million respectively (around $93 million and $273 million).
The latest valuation of Zopa dates back to late 2021. According to a report by TechCrunch, Zopa managed to reach a valuation of around $1.0 billion after raising $300 million from Softbank Vision Fund.
Although the market instability prevented Zopa from going public in 2022 as planned, the company still managed to grow its revenue at a remarkable growth rate.
Following the recent funding round of $93 million, Zopa announced that the company is still expanding its financial products and achieved 100% year-on-year growth.
Keep following us to find out when Zopa stock will become available.
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The information in this article is well-researched and factual. Still, it contains opinions also, and IT IS NOT FINANCIAL ADVICE and should not be interpreted as such, do not make any financial decisions based on the information in this article; we are not financial advisors. We are journalists. You should always consult with a professional before making any investment decisions. We hold no stock or interests in any of the Companies discussed on this website/app.
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