Zopa Bank doubles full year profit to £34.2 million
Since launching as a bank in 2020, Zopa has navigated a constantly shifting macroeconomic landscape—ranging from the disruption of the Covid-19 pandemic to the war in Ukraine, rising inflation, and the ongoing cost-of-living crisis.
While some of these pressures began to ease in 2024, our focus has remained consistent: to meet the borrowing and savings needs of our customers, combining the best elements of a modern neobank with the reliability of a traditional high street bank—all within a compelling and user-friendly offering.
This is made possible by our three core strengths: a customer-first culture, deep expertise in lending and data, and the strategic use of advanced technology.
Thanks to this approach, today Zopa’s customers can access affordable, fairly priced credit through unsecured personal loans, car finance, credit cards, and point-of-sale finance.
At the same time, they can grow their savings across a range of products—including fixed term, easy access, notice accounts, and cash ISAs—all managed through a single, intuitive app. In 2024 alone, Zopa savers earned £205.4 million in interest—on average, 2.7 times more than they would have received from comparable high street bank products.
By focusing on products that genuinely support our customers' financial goals, Zopa Bank has grown sustainably, reaching profitability for the first time in 2023.
We’re proud to report that this momentum has continued into 2024.
Doubling profits in a challenging economic environment
2024 was another standout year for Zopa. We grew our customer base to 1.4 million and doubled our profit before tax to £34.2 million, underscoring Zopa Bank’s remarkable trajectory since its launch in 2020.
In numbers:
Zopa Bank doubled its pre-tax profit to £34.2 million for the financial year 31 December 2024, up from £16.8 million
Our total revenue increased 30.2% to £303.4 million
Our deposit base grew 62.5% to £5.5 billion
Our loans on balance sheet were up 16.2% to £3.1 billion
Zopa’s customer base grew 28.1% to 1.4 million in 2024 across its product set in savings and lending
An ongoing focus on cost efficiency meant that Zopa continued to deliver a category leading cost-to-income ratio of 37.7%
We cemented Zopa Bank’s position as a leader in customer satisfaction within the UK financial services sector, achieving a Net Promoter Score (NPS) of 75.
Our success to date has allowed us to reinvest profits at scale, fuelling a flywheel of sustained growth and innovation. By offering even greater customer value combined with seamless experiences, we drove deeper customer engagement and increased product adoption.
We also expanded into new verticals through partnerships with Octopus Energy, entering the £23 billion UK renewable energy market, and with John Lewis to offer personal loans to its 23 million customers.
Looking ahead
While we already offer a wide range of products, we know there is still more we can do.
In the next phase of our ambition, we want to address an even larger share of our customers’ financial needs. Backed by sustained profitable growth, we will soon launch the Zopa Bank Account: our flagship current account with the best all-around value on the market and zero hassle.
Our focus remains on building products that genuinely delight — showing that financial services can provide real value, that money management can be effortless, and that long-term relationships can give customers confidence in every financial decision they make.
I would like to thank our Zopians for their incredible work in 2024 that has maintained our profitable growth, and our shareholders for their continued support.
