Zopa Steps Into Current Accounts, Targets 5 Million Users in 3 Years
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Zopa Bank, long associated with its lending products, is moving deeper into the current account market with the launch of Biscuit, a digital account offering cashback and savings interest rates above 7%, well above the Bank of England’s 4.25% base rate.
Founded as a P2P lender, Zopa secured its UK banking license in 2020 and has since grown to nearly 1.5 million customers across its savings and loan offerings.
The Biscuit account has been in development for over a year, tested by 80,000 users, and backed by a 90-person team. The bank is targeting average deposits of £1.5k to £2k per account and plans to grow its team further, particularly in compliance and risk.
“We would love to be serving more than 5 million customers in the next three to four years, growing to more than 10 million customers over a five to seven-year period,” said CEO Jaidev Janardana in an interview with Bloomberg News.
The move signals a broader strategy to expand its retail footprint and compete with larger digital banking players. Revolut now counts more than 10 million UK users, Monzo has reached 12 million, and Chase UK recently passed 2 million customers.
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