Zopa is moving into the wider banking space with a new fixed-term savings account - Business Insider

City A.M. The fintech received a restricted banking license in December 2018 and has now announced the launch of its fixed-term savings account.Zopa will begin testing the service during a beta phase. It's only able to accept up to £50,000 in customer deposits due to its restricted license, so it will initially launch a limited testing phase, 200 of its existing retail investor customers will gain access to the service.

It's seeking more funding to launch its full banking venture. Zopa raised £60 million last year, out of which £39.2 million was invested into developing its bank, Peer2Peer Finance News. It's now looking to raise additional funding to meet conditions from the FCA to receive its full banking license.

Moving into the wider banking space will help Zopa remain successful amid tighter regulations for P2P lenders, while also boosting customer loyalty. limit investments on P2P platforms for new retail investors to 10% of investable assets and require companies to assess investors' knowledge and experience of the P2P space ahead of investing.

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