The Anonymous Widower

Zopa Pulls Out Of P2P Consumer Lending As It Blames Cowboy Firms For ‘Damaging Customer Trust’

The title of this post, is the same as that of this article on City AM.

This is the first three paragraphs.

Peer-to-peer giant Zopa has started to inform customers it is closing down its P2P consumer investment division, transferring its loan portfolio to its relatively new bank unit.

In an email to customers, Natasha Wear, peer-to-peer CEO at Zopa, wrote that “after 16 years of peer-to-peer consumer investments at Zopa, we’ve taken the difficult decision to close this part of our business..

“To support this, Zopa Bank will be buying your entire loan portfolio at current face value without any of the fees you’d normally pay for a loan sale,” the email reads.

This is a very sad day.

I have been an investor in Zopa for fourteen years and it has done me well, returning four to five per cent before tax in that period. My first investment was the money, I received from the sale of C’s Porsche.

I also feel that since Giles Andrews ceased to be at the head of the company, Zopa rather lost its way.

Perhaps, their mathematical modelling wasn’t up to scratch.

But at least, I haven’t lost any money on my investment.

December 7, 2021 - Posted by | Finance, News | ,

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