Zopa, a well-known fintech company, seems to be preparing for a possible IPO in London.

In 2005, Zopa launched as the first peer-to-peer lending platform in history, matching borrowers with investors. In order to get more reliable means of funding its loans through savings accounts, it started to pivot into banking in the latter part of 2016. It obtained a full banking license in 2020.

Zopa has adopted a different strategy from other fintech banks like Monzo and Revolut, which have mostly concentrated on quick growth through digital current accounts.

With a million customers, Zopa has focused on expanding its product line to include personal loans, credit cards, savings accounts, and auto financing. This change in strategy has paid off, as the company's outstanding financial results show. Zopa recorded pre-tax earnings of £15.8 million in 2023, a significant improvement after their £26 million loss the year before.

The reason for Zopa's success is that it developed from a peer-to-peer lending platform in 2005 to a full-fledged banking organization. Zopa was able to get more reliable financing sources in 2016 by accepting this shift, especially through savings accounts. Building on this momentum, the business intends to extend its current account service to new clients in the upcoming year, and by year's end, it will launch a current account for current clients. By the end of 2024, the fintech hopes to provide current accounts to current clients with support from SoftBank.

"2023 was a landmark year as we achieved our first full year of profitability, grew to over a million customers, and maintained our market leading net promoter score," Jaidev Janardana, CEO of Zopa Bank,

"Across all our products, the opportunity is huge and we remain passionate about changing customers’ relationship with money for the better," he said.

In 2023, Zopa was profitable, acquired more than a million clients, kept up a top net promoter rating, lent more than £6 billion, and helped more than half a million UK citizens with their financial circumstances.

With a bolstered C-suite staff and significant investor money, Zopa's possible IPO appears closer than ever.