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NEWS Zopa lines up next-gen bank
online-only bank offering Financial Services Compensation Scheme protected deposit accounts to savers and overdraft alternatives to borrowers. It has applied for a banking licence, with the regulatory application process set to take about 15-24 months. The new entrant will sit alongside its existing investments business.
U
“We have built a profitable, scalable and viable business. Yet we’ve only just begun. We want to launch a next generation bank to drive greater choice for borrowers, savers and investors, which is good for consumers and good for the economy,” says Jaidev Janardana, CEO of Zopa. “We are uniquely placed to re-define customer expectations of what a bank should deliver in the 21st century. Over the last 11 years we have delivered great value to borrowers and investors whilst prudently
managing credit risk. Combining our pioneering data and tech-led culture with an obsession with fairness and customer experience, we are best placed to shape the future of personal finance in the UK.”
Zopa launched in 2005 and has lent over £1.8 billion. It reached profitability in September this year.
Scott Thompson
EU breakthrough as Facebook nabs payments licence
central bank in Ireland to operate as a financial payments service across the EU. In news which will see conference speakers around the world adding “I told you so” to their PowerPoint slides, a subsidiary of Facebook can now act as a payments provider and electronic money issuer. The social media giant applied for authorisation two years ago.
F Users in America can already use it to make payments to
Facebook has also announced that it will be expanding its UK presence with a new HQ in London. 500 extra employees will be hired, including engineers, sales and engineering staff. “The UK remains one of the best places to be a tech company,” said its London-based executive, Nicola Mendelsohn. The new office will be situated in Fitzrovia.
Alex Hamilton acebook has received a licence from the
others, but this is the first time it will bring the service global. Facebook has previously partnered with a number of card providers, as well as PayPal, to make use of its Messenger service, allowing users to receive transaction confirmation and confirm payments. Whether this new licence is a bold step into the world of banking remains to be seen. The name of the subsidiary company has not yet been revealed.
K peer to peer lender Zopa is to launch an
www.ibsintelligence.com © IBS Intelligence 2016
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