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19 Oct 2021 07:00
Augmentum Fintech Plc - £10 million investment into ZopaAugmentum Fintech Plc - £10 million investment into Zopa
PR Newswire
London, October 18
18 October 2021
Augmentum Fintech plc
£10 million investment into Zopa
Augmentum Fintech plc (LSE: AUGM) (“Augmentum”), the UK’s only publicly listed investment company focussing on the fintech sector, announces that it is making a further £10 million investment into digital bank Zopa, as part of Zopa’s latest funding round.
Zopa’s £220 million round is being led by SoftBank Vision Fund 2 with participation from Chimera Abu Dhabi, and is conditional on regulatory approval. Augmentum is investing alongside other existing investors IAG Silverstripe, Northzone, and Davidson Kempner Capital Management.
Zopa (www.zopa.com) was founded in 2005 as the UK’s first Peer-to-Peer lending company. In 2020 Zopa was awarded a UK banking licence, and is now regulated by both the PRA and the FCA, allowing it to offer a wider product range, including fixed term savings backed by FSCS protection, and a credit card.
The funding will be used to meet the capital requirements of Zopa bank’s rapidly growing balance sheet. Since commencing operations in June 2020, Zopa bank has attracted £675 million in deposits through its fixed savings accounts, and has issued 150,000 credit cards becoming a top 10 credit card issuer in just over a year from launch. In 2021 Zopa was awarded Best Personal Loan Provider and Best Credit Card Provider by the British Bank Awards, and Best Online Savings Provider by the Moneynet Personal Finance Awards.
Tim Levene, CEO of Augmentum Fintech, said: “We are delighted to support Zopa's continued growth. Since launching the bank, they have exceeded their growth plan, both in terms of customers and balance sheet. This capital injection of £220m will enable them to continue on this accelerated path and further evolve their diversified product set”.
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| Augmentum Fintech Tim Levene, Portfolio Manager Nigel Szembel, Investor Relations | +44 (0)20 3961 5420 +44 (0)7802 362088 nigel@augmentum.vc |
| Peel Hunt LLP Liz Yong, Luke Simpson, Huw Jeremy, Tom Pocock (Investment Banking) | +44 (0)20 7418 8900 |
| Singer Capital Markets Harry Gooden, Robert Peel, James Moat (Investment Banking) | +44 (0)20 7496 3000 |
| Frostrow Capital LLP Paul Griggs, Company Secretary | +44 (0)20 3709 8733 |
About Augmentum Fintech
Augmentum invests in fast growing fintech businesses that are disrupting the financial services sector. Augmentum is the UK’s only publicly listed investment company focusing on the fintech sector in the UK and wider Europe, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient capital and support, unrestricted by conventional fund timelines and giving public markets investors access to a largely privately held investment sector during its main period of growth.
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