Zopa nabs deadline day funding to meet requirements for its banking license - Business Insider

the Financial Times. IAG, which was already a minority investor in Zopa, is expected to take majority control of the startup following the investment.The funding, which takes Zopa's total raise to over $460 million, has come at a cost for the company's valuation and its existing investors, though.

The startup has been somewhat successful in this effort: It received a conditional banking license in 2018, making it the first UK P2P lender to do so. However, as part of the license, it was required to raise extra capital to alleviate regulators' fears it wouldn't be stable enough to operate as a full bank. The new raise represents a last-minute lifeline for the fintech's banking ambitions because it came on the same day Zopa's restricted banking license expired.

While ultimately the news is good for Zopa, the last-gasp nature of its raise is evidence of the growing challenge for the UK's P2P space. Augmentum says that Zopa's raise was "challenging due to the nature of the investor pool the company was targeting" — that pool being the P2P space, cited by the FT.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cyber Monday 2019 sets new e-commerce record - Business Insider - Business InsiderCyber Monday 2019 racked up a record-setting $9.4 billion in US online sales, with smartphone shopping playing a key role in its success:
Source: BusinessInsider - 🏆 729. / 51 Read more »

Dan Ivascyn's Global Credit Opportunity fund has lost money in 2019 - Business InsiderThe Global Credit Opportunity fund is managed by Dan Ivascyn and Jon Horne at Pacific Investment Management Company.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Co-founder of Starling Bank joins crypto exchange Gemini - Business InsiderThe Winklevii just hired a co-founder of Starling Bank to run Gemini's European business. Here's why the neobank exec made a jump to crypto. I actually have never heard of these people.
Source: BusinessInsider - 🏆 729. / 51 Read more »

10 themes for the next 10 years, plus winners, losers: Bank of America - Business InsiderClimate change and an aging and growing population are among the trends that will shape the next decade, according to the firm's analysts.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Google's founders came up with the Alphabet model after meeting Warren Buffett - Business Insider'The genesis of Alphabet is a meeting that Larry and Sergey and I had about a decade ago where we flew ... to Omaha, and we visited Warren Buffett.' lies
Source: BusinessInsider - 🏆 729. / 51 Read more »

6 emails templates small business can use to drive holiday sales - Business InsiderE-commerce founder Adii Pienaar says businesses should engage customers with automated emails and scheduled one-off emails, like newsletters. Some useful info here.
Source: BusinessInsider - 🏆 729. / 51 Read more »