Zopa Bank has achieved a second consecutive year of profitability after posting £34.2m in pre-tax profit for the 2024 financial year.
Ending 31 December 2024, Zopa Bank’s profit doubled from last year’s figures, from £15.8m in 2023. The digital bank also grew its customer base by over 28% to 1.4 million.
As a result of this growth, Zopa scaled revenue in line with customer growth, with total revenue increasing 30.2% to £303.4m in 2024 and total operating income rising 33.9% to £297.8m.
Over the financial period last year, the bank’s deposit base surged 62.5% to £5.5bn, while loans on the balance sheet rose 16.2% to £3.1bn. The digital bank also noted a focus on cost efficiency, which led to a cost-to-income ratio of 37.7%.
Zopa stated that this model enabled it to reinvest profits at scale and offer greater customer value via seamless user experiences, which in turn, helped deliver greater customer engagement and increased product adoption.
Jaidev Janardana, CEO at Zopa Bank, said: “2024 was another standout year for Zopa. We grew our customer base to 1.4 million, achieved over 30% revenue growth, and doubled our profit before tax – all against the backdrop of a challenging UK economy.
“The next phase of our ambition is to address an even larger share of our customers’ financial needs by expanding the Zopa product set into everyday banking.
“Our focus remains on building products that genuinely delight — showing that financial services can provide real value, money management can be effortless, and long-term relationships can give customers confidence in every financial decision they make.”
New partnerships and delivery channels further expanded the reach of Zopa’s products into new verticals. Last year, Zopa partnered with the UK’s largest electricity supplier, Octopus Energy, also joining forces with UK retailer John Lewis to offer personal loans directly to its 23 million customers.
Zopa is expected to launch a new current account designed to deliver “best all-around value” to its customers with the Zopa Bank Account.
