Zopa Financial institution has purchased a mortgage portfolio from an institutional investor in its former peer-to-peer lending platform, now rebranded as Plata Finance.
Zopa Group – which pivoted away from P2P lending on the finish of 2021 to give attention to its digital financial institution – stated in its newest annual outcomes that it had acquired a £41m mortgage portfolio of performing, unsecured private loans on 30 March 2023. It paid £38m for the portfolio.
“These loans have been bought from an institutional investor within the legacy P2P platform operated beforehand by Zopa (now by Plata Finance),” stated the outcomes assertion, filed with Firms Home.
P2P lending veteran Christine Farnish, who headed up Zopa’s P2P board, was terminated as a director of Plata Finance on 11 July, in response to paperwork filed with Firms Home.
Learn extra: P2P veteran leaves Zopa Group board amid reshuffle
The mortgage ebook acquisition was revealed in Zopa Group’s outcomes for the yr ended 31 December 2022, which additionally confirmed that the group narrowed its pre-tax losses from £48.3m in 2021 to £23.8m.
Whole working earnings elevated by 186 per cent to £153.7m, which Zopa attributed to “the continued development in clients selecting to make use of Zopa to satisfy their borrowing and saving wants.”
Learn extra: Zopa’s P2P enterprise posted £6m loss in remaining yr