British online bank Zopa is on track to double pre-tax profits and increase revenue by more a third in 2024, CEO Jaidev Janardana told CNBC.
British online bank Zopa is on track to double pre-tax profits in 2024, up from £15.8 million last year, CEO Jaidev Janardana told CNBC.
Zopa posted revenues of £222 million in 2023 and is expecting to cross the £300 million revenue milestone this year — that would mark a 35% annual jump.The firm also says it is on track to increase pre-tax profits twofold in 2024, after hitting £15.8 million last year., has plans to venture into the world of current accounts next year as it looks to focus more on new products.
He said the strong performance is coming off the back of gradually improving sentiment in the U.K. economy, where Zopa operates exclusively. "The proposition has become more relevant, and while it's tight for customers, we have had to be much more constrained in terms of who we can lend to," he said, adding that Zopa has still been able to grow despite that.
Janardana said he doesn't envision a public listing as an immediate priority, but noted he sees signs pointing toward a more favorable U.S. IPO market next year.
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