Our friends across the pond have been busy growing the reach of the peer-to-peer lending concept in the UK and are now growing extremely fast. Giles Andrews, General Manager of Zopa, observed in a recent conversation with Lending Club that “Zopa issued more loans in its 5th year than during the first 4 years combined”. Indeed, Zopa issued nearly £36mm in loans in their 5th year, compared to a total of £34mm in their first 4 years of operation.
Zopa was the first online peer-to-peer lending and borrowing marketplace. Their biggest achievement has been the way they have managed risk, said Andrews, shown by a low cumulative default rate of 0.5% since inception. Zopa plans to expand to Japan and reenter the US market in the future.
From the Lending Club team, we send the warmest “Congratulations” to the Zopa team for their latest accomplishments.