Zopa Bank, the UK savings and lending digital bank, has reported a doubling of pre-tax profits to £31.5m in 2024, as it outlined how AI will become more commonplace in its banking operations. Pre-tax profits reached £31.5m in 2024, compared with £15.8m in 2023, revenue was up 30 per cent to £303m.
Customer numbers were up from 1.1 million to 1.4 million at Zopa, which raised £66m in an equity round last year and is understood to be a unicorn. Revenue growth was helped by a 62.5 per cent jump in deposits to £5.5 billion and balance sheet loans, which grew 16.2 per cent to £3.1 billion.
Zopa, which has a UK banking licence, currently offers personal loans, credit cards, point-of-sale retail finance, car finance, savings accounts, and financial health tools. Zopa CEO Jaidev Janardana said it would be expanding its product range, which includes a soon-to-launch current account.
He said: "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.” Zopa’s 2024 annual report also sheds light on how Zopa is integrating AI into its operations.
It said: “In future, we will integrate AI further into our customers’ everyday banking needs." It said that most of its engineers now use GenAI tools daily and that it had also built a test concept for how an AI assistant could support its business in the future.
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