Two months after reaching a new funding milestone, UK-based peer-to-peer lender Zopa is announcing another: the company has now lent more £500 million ($833 million) since launch in 2005.
“By cutting out the banks and offering returns of 5% … we are rewarding people for being sensible with their money,” Zopa CEO Giles Andrews said.
“Lending the next £500 million shouldn’t take another nine years as we expect to reach £1 billion lent in the next 12 months.”
- Total loans: more than 90,000
- Total active savers: 52,000
- Total active borrowers: 70,000
- Average loan: £5,500 ($9,170)
- Average lender/saver age: 48
- Smallest loan: £10 ($17)
- Largest loan: £1.3 million ($2.2 million)
- Three-year default rate: 0.17%
- Total interest paid: £30 million ($50 million)