Zopa has announced that it has been granted a banking licence and duly announced it would be launching a new digital bank offering a fixed-term saving account followed by a credit card later in the year.

These new products will launch in addition to Zopa’s existing personal loan and car loan products.

Zopa Bank will sit alongside the fintech’s existing peer-to-peer platform.

Jaidev Janardana, Zopa CEO, said “Now more than ever the banking industry needs innovative, agile providers who work on behalf of customers. At a time when people want great value, fair financial services products and simple, intuitive digital experience, Zopa offers consumers a compelling and credible alternative they can trust.”

“Securing our banking licence enables Zopa to play a wider role in the financial lives of our customers, as well as offering much needed choice and competition to the wider market.”

“Beyond the current pandemic, Zopa is uniquely placed to provide a compelling alternative to traditional banking by leveraging its significant technological and financial services expertise to offer a wider range of great products, including savings and credit cards, alongside its personal loans and investments.”