Zopa on Track for Last-minute £130 Million Capital Injection

Peer-to-peer lender Zopa in on track to secure a £130m capital lifeline it needs to become a challenger bank days just before its conditional banking licence expires, the Financial Times reported. Britain’s oldest peer-to-peer lender is hoping to clinch the funding from an entity linked to IAG Capital Partners, a US-based fund, and its UK investment vehicle Silverstripe early next week, according to a person close to the matter. The deal, first reported by Sky News on Saturday, would close just before Zopa’s banking licence expires on Tuesday. The 14-year-old lender was the first such company to be granted a conditional banking licence by the Financial Conduct Authority in December last year. It was given a year to raise regulatory capital and prove it was financially strong enough to become a bank. Read more