(Bloomberg) --

Zopa Group Ltd. has reached £2 billion ($2.37 billion) in deposits, two years after it started offering banking services.

The London headquartered firm, which started as a peer-to-peer lender before it relaunched as a bank in 2020, said on Thursday deposits had more than doubled from £968 million in December.

Zopa is among the UK’s challenger banks vying to attract customers from the long-established big five lenders. Starling Bank, which launched eight years ago, grew its deposits 55% to £9 billion in the year through March. Monzo Bank Ltd. had £4.4 billion in deposits by February, up about 40% in a year, while Atom Bank had grown to £3.5 billion by July.

Zopa said it had 730,000 total customers by the end of July. 

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