Zopa Bank Raises $92 Million to Spearhead Growth, Acquisitions

Aisha S Gani, Bloomberg News

The Zopa Ltd. app page on a mobile phone arranged in London, U.K., on Friday, Jan. 28, 2022. Zopa tapped Monzo executive Graham Robinson to oversee its credit risk as the peer-to-peer lender continues to lay the ground for a potential initial public offering late next year. Photographer: Hollie Adams/Bloomberg , Bloomberg

(Bloomberg) -- Zopa Ltd. has completed a funding round of £75 million ($92 million) and is on the lookout for deals as early as this quarter.

The raise from existing investors “cements” the UK fintech’s status as a unicorn with a valuation of $1 billion, the bank said in a statement Thursday.

“During a challenging economic time, this is validation of our economic performance,” Zopa Chief Executive Officer Jaidev Janardana said. He added the fresh funds would go toward growing current products as well as expanding into the small business lending space.

Zopa, backed by investors including Softbank’s Vision Fund and Northzone, was expected to go public in 2022, but rowed back from those plans due to turbulent markets.

The IPO “was never a destination,” Janardana said. “It’s a milestone on the way. We’re looking for the right opportunity.”