Peer - to - peer lender Zopa will launch a digital - only bank to offer term - deposit savings accounts , overdrafts and revolving lines of credit to customers . Zopa is currently preparing the results of its banking licence application to launch its “ next - generation ” bank , which will operate alongside its current investments business . Once completion , which could take two years to achieve , the bank ’s customers will be protected under the Financial deposit Compensation Scheme . Zopa expects the bank to reduce losses during setup , but expects it will become profitable once fully launched .
Peer-to-peer lender Zopa will launch a digital-only bank to offer term-deposit savings accounts, overdrafts and revolving lines of credit to customers. Zopa is currently awaiting the results of its banking licence application to launch its “next-generation” bank, which will operate alongside its current investments business. Once licensed, which could take two years to achieve, the bank’s customers will be protected under the Financial Services Compensation Scheme. Zopa expects the bank to make losses during setup, but believes it will become profitable once fully launched.