Zopa’s P2P brand sold and renamed Plata Finance

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Zopa’s dying peer-to-peer lending brand has been sold and rebranded as Plata Finance.

Zopa – which was the world’s oldest P2P lender – announced it was leaving the P2P lending space in December last year, to focus on its banking business and an upcoming public float.

The P2P business was then sold to Plata Holdings UK, a sister company of longtime Zopa shareholder IAG Silverstripe, a Zopa spokesperson said. News Peer2Peer Finance.

“As a result, Zopa Limited has now changed its name to Plata Finance Limited,” said Lucas Germanos, director of communications and public affairs at Zopa.

“This is a name change only and there is no impact on Zopa Limited customers as they continue to be served by Zopa Bank.

Read more: P2P lenders replace Zopa and Funding Circle this season ISA

“No action is required from a customer following the sale, but we are communicating the change to customers of Zopa Limited loans in accordance with our legal obligations.

“As a reminder, Zopa Limited is a separate entity from Zopa Bank, which is a fully regulated bank and is unaffected by this change.”

Plata Holdings UK became a majority shareholder in Zopa’s P2P business on Feb. 10, according to Companies House filings, with a stake of at least 75%.

The company’s name was changed to Plata Finance on July 8, after a special resolution to change the name was agreed and passed by members on July 5, according to Companies House.

Nicholas Aspinall and Scott Christopher Jones, who serve on the boards of Zopa Group and Zopa Bank, were both appointed directors on February 10.

Zopa was launched in 2005 as a P2P consumer lending platform and unveiled plans to launch a digital bank in 2016.

Zopa Bank obtained its full banking license in mid-2020 and started offering savings accounts in August of the same year.

In January 2022, the bank reported that it had attracted more than £1 billion in deposits into its term savings account.

Zopa has made no secret of his ambitions to go public. Last year, a $300m (£220m) fundraise valued Zopa at $1bn, making it Britain’s latest fintech unicorn.

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