Zopa, the British digital bank pioneer with more than 1.4 million customers, today reports its second full year of profitability.
Doubling (2x) profit before tax to £34.2 million for the financial year ending 31 December 2024, the milestone underscores Zopa Bank’s remarkable trajectory since launching in 2020. Including share-based payments, PBT in 2024 was £31.6 million compared to £15.8 million in 2023.
Zopa’s customer base grew 28.1% to 1.4 million in 2024 across its product set in savings and lending. As a result, Zopa scaled revenue in line with customer growth with total revenue increasing 30.2% to £303.4 million in 2024 and total operating income climbing 33.9% to £297.8 million. Over the period, the bank’s deposit base surged 62.5% to £5.5 billion, while loans on balance sheet rose 16.2% to £3.1 billion.
An ongoing focus on cost efficiency meant that Zopa continued to deliver a category leading cost-to-income ratio of 37.7% through the period of growth.
This successful model allowed Zopa to reinvest profits at scale, fuelling a flywheel of sustained growth and innovation. By offering even greater customer value combined with seamless experiences, Zopa drove deeper customer engagement and increased product adoption. In turn, this cemented its position as a customer satisfaction leader within the UK financial services sector, achieving a Net Promoter Score (NPS) of 75.
Jaidev Janardana, CEO at Zopa Bank said: “2024 was another standout year for Zopa. We grew our customer base to 1.4 million, achieved over 30% revenue growth, and doubled our profit before tax — all against the backdrop of a challenging UK economy.
“The next phase of our ambition is to address an even larger share of our customers’ financial needs by expanding the Zopa product set into everyday banking. Our focus remains on building products that genuinely delight — showing that financial services can provide real value, money management can be effortless, and long-term relationships can give customers confidence in every financial decision they make.”
With sustained profitable growth, Zopa Bank is soon set to launch the Zopa Bank Account, its flagship current account with the best all-around value on the market and zero hassle.
Zopa has a track record of launching products that deliver strong outcomes. In 2024, Zopa savers earned £205.4 million in interest, bringing home 2.7x more interest on average compared to high street banks with similar products.
New partnerships and delivery channels further expanded the reach of these products into new verticals. Last year, Zopa joined forces with Britain’s largest electricity supplier, Octopus Energy, to enter the UK’s £23 billion renewable energy market. It also partnered with retail giant John Lewis to offer personal loans directly to its 23 million customers.
One of the UK’s highest rated and most celebrated financial brands, Zopa was again voted the UK’s Best Personal Loan Provider and Best Credit Card Provider at the 2024 British Bank Awards.
Read the orginal article: https://ffnews.com/newsarticle/funding/zopa-bank-doubles-full-year-profit-to-34-2-million/
