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Banking Briefing — January 24, 2022

  • In this week's briefing, we've got Zopa converting to bankism, Current breaking the challenger bank mold, and banks shutting down branches.
  • The look and feel of banks is changing, but not always in the most predictable way.
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Banking Briefing — January 24, 2022

Tearsheet’s Briefings for Outlier members give a deeper and contextual weekly look into banking, payments, blockchain, green finance, and embedded finance. Subscribe to Outlier to get full access to Tearsheet content.

Zopa’s rise into bankhood

On January 19, Zopa announced it had hit £1 billion in deposits since its launch as a bank 18 months ago. 

The news comes about a month after the company said that it’s shutting down its P2P business to focus solely on being a bank. Zopa claimed the reason for this decision has to do with lacking customer trust in P2P investing in the past few years after a number of small businesses’ actions that led to material losses for retail investors. Another reason is the change in regulations, which has made it more costly to run a P2P business. 


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