18 October 2021
Augmentum Fintech
plc
£10 million
investment into Zopa
Augmentum Fintech plc (LSE: AUGM) (“Augmentum”), the UK’s only
publicly listed investment company focussing on the fintech sector,
announces that it is making a further £10 million investment into
digital bank Zopa, as part of Zopa’s latest funding round.
Zopa’s £220 million round is being led by SoftBank Vision Fund 2
with participation from Chimera Abu Dhabi, and is conditional on
regulatory approval. Augmentum is investing alongside other
existing investors IAG Silverstripe, Northzone, and Davidson
Kempner Capital Management.
Zopa (www.zopa.com) was founded in 2005 as the UK’s first
Peer-to-Peer lending company. In 2020 Zopa was awarded a UK banking
licence, and is now regulated by both the PRA and the FCA, allowing
it to offer a wider product range, including fixed term savings
backed by FSCS protection, and a credit card.
The funding will be used to meet the capital
requirements of Zopa bank’s rapidly
growing balance sheet. Since commencing operations in
June 2020, Zopa bank has attracted
£675 million in deposits through its fixed savings accounts, and
has issued 150,000 credit cards becoming a top 10 credit card
issuer in just over a year from launch. In 2021 Zopa was awarded
Best Personal Loan Provider and Best Credit Card Provider by the
British Bank Awards, and Best Online Savings Provider by the
Moneynet Personal Finance Awards.
Tim Levene, CEO of Augmentum
Fintech, said: “We are delighted to support Zopa's continued
growth. Since launching the bank, they have exceeded their growth
plan, both in terms of customers and balance sheet. This capital
injection of £220m will enable them to continue on this accelerated
path and further evolve their diversified product set”.
END
Augmentum Fintech
Tim Levene, Portfolio Manager
Nigel Szembel, Investor Relations |
+44 (0)20 3961 5420
+44 (0)7802 362088
nigel@augmentum.vc |
Peel
Hunt LLP
Liz Yong, Luke Simpson, Huw Jeremy, Tom Pocock
(Investment Banking) |
+44 (0)20 7418
8900 |
Singer
Capital Markets
Harry Gooden, Robert Peel, James Moat
(Investment Banking) |
+44 (0)20 7496
3000 |
Frostrow Capital LLP
Paul Griggs, Company Secretary |
+44 (0)20
3709 8733 |
About Augmentum Fintech
Augmentum invests in fast growing fintech businesses that are
disrupting the financial services sector. Augmentum is the UK’s
only publicly listed investment company focusing on the fintech
sector in the UK and wider Europe,
having launched on the main market of the London Stock Exchange in
2018, giving businesses access to patient capital and support,
unrestricted by conventional fund timelines and giving public
markets investors access to a largely privately held investment
sector during its main period of growth.
Neither the content of any website referred to in this
announcement nor the content of any website accessible from
hyperlinks is incorporated into, or forms part of, this
announcement.