Zopa Raises $106 Million Before Launching Flagship Bank Account
Summary
Zopa raised $106 million in AT1 capital to bolster its balance sheet ahead of launching its flagship bank account. That same year, the company also partnered with Britain electricity supplier Octopus Energy and with retailer John Lewis to offer personal loans to its 23 million customers.While Zopa hinted at plans for a public debut in 2021, the company announced last year that it has no current plans to pursue an IPO, saying it wants to wait for the markets to revive and be more positive. This is currently a common sentiment among fintechs, including Klarna, which delayed its IPO because of economic uncertainty. However, we may be seeing early signs of positivity, as investing platform eToro hit the public markets today, popping as high as 34% at the open before settling back to a 28% gain in recent trading. Additionally, US challenger bank Chime filed its S-1 yesterday afternoon in preparation for its own IPO.