Zopa Bank expands to Manchester
The company is slated to open a new office in central Manchester by August 2025 to enhance its UK footprint and invest in talent and innovation.
The new office will initially accommodate a team of over 50 employees, concentrating on product development, engineering, and specialist operations.
Zopa has indicated that this number could expand to more than 500 as the company grows.
This regional expansion is in line with Zopa's objective to be closer to its customer base, which predominantly resides outside of London, expecting to provide access to a broader talent pool and support the company's growth plans.
This follows its recent venture into everyday banking with the introduction of Biscuit, its new bank account offering.
This account, which customers can set up in a matter of minutes, features interest on balances, cashback on bills, and savings rates, all managed via Zopa's mobile application.
In May, Zopa raised £80m in Additional Tier 1 (AT1) capital from a combination of existing and new investors.
The funds are intended to strengthen Zopa's balance sheet in anticipation of the launch of its bank account, while avoiding dilution for current shareholders.
Founded in 2005, Zopa has customer base of 1.5 million in the UK.
The company issued over £13bn in loans, manages more than £5bn in customer savings and has over 600,000 credit card users, as reported on the company's website.
"Zopa Bank expands to Manchester " was originally created and published by Retail Banker International, a GlobalData owned brand.
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