Peer-to-peer lender Zopa is back in the black as the firm's profit after tax for 2017 hit £1.5m.
The financial firm, which matches borrowers with people looking to invest, reported a revenue increase of 40 per cent to £46.5m in its annual report for last year. The amount of money paid out by the lender also rose by 43 per cent to £985m.
The UK-based financial services firm, which has lent more than £3bn in total since it was set up in 2005, was granted full authorisation by City watchdog Financial Conduct Authority last year and launched an Innovative Finance ISA in June.
Zopa chief executive Jaidev Jarardana said: “2017 was a landmark for us. We’re proud to see the company’s efforts reflected in our record lending figures, profitability and strong customer growth.
“It’s a big step towards Zopa’s vision to be the best place for customers’ money. We’ve invested significantly in technology, in our proprietary back office infrastructure, an in our people, all of which have helped Zopa to continue to scale and grow sustainability.”
November last year was a record month for the company as it lent a total of £100m and a focus on technological innovation, such as letting customers known whether they are eligible for a loan within seconds of an application, is behind the firm’s progress, it said.