Compare the Market has announced the integration of Zopa Bank and Lendable into its rapidly growing Money Platform
The move allows Zopa Bank and Lendable to leverage Compare the Market’s innovative products and services, aiming to facilitate more efficient and intelligent lending decisions for consumers. The integration includes a variety of financial products such as the Zable credit card, Asda Money loans via Lendable, and Lendable’s own branded loans. Additionally, customers will now be able to compare Zopa Bank’s loans and credit cards, as well as offerings from John Lewis & Partners.
Andy Hancock, Chief Growth Officer at Compare the Market
Andy Hancock, Chief Growth Officer at Compare the Market, says: “We are delighted to welcome Zopa Bank and Lendable to our direct panel of lenders. Having direct relationships means we can work even more closely with lenders to develop products and services which drive great deals for customers. Our money proposition is expanding, and we are continuing to develop additional products and services for cards and loans providers that will increase customer choice and signpost the best products and deals”.
Compare the Market, launched in 2006, has steadily grown into one of the UK’s leading price comparison websites. Initially focused on insurance, the platform has diversified its offerings to include a wide range of financial products, such as credit cards and loans.
Lendable, known for its swift decision-making and funding processes, uses advanced data science and machine learning techniques to improve lending operations. This capability allows Lendable to offer loans to a broader spectrum of borrowers by leveraging comprehensive data points beyond traditional credit scores.
Zopa Bank has reported a significant financial turnaround, achieving a pre-tax profit of £15.8 million for the financial year ending December 31, 2023. This marks a substantial recovery from a pre-tax loss of £26 million in the previous year. The bank’s total revenue for 2023 reached £226 million, representing a 29.7% increase despite challenging market conditions. Additionally, Zopa has raised £75 million in Tier 2 capital to fuel growth. This financial performance and capital raise have been seen as possible steps towards an IPO.
Lendable has also raised £210mn in a funding round led by the Ontario Teachers’ Pension Plan Board through its Teachers’ Innovation Platform (TIP), bringing the company’s valuation to over £3.5bn. Additionally, Lendable has made its first investment in South Asia by providing US$20mn in debt financing to ShopUp, a leading B2B commerce platform in Bangladesh. This investment aims to enhance ShopUp’s supply chain operations and distribution network.
Source: FinTech Magazine
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