Metro Bank has partnered up with peer-to-peer (P2P) lender Zopa to lend funds via its platform.
The bank, which holds £3bn in deposits, will loan millions of pounds every month to customers via the P2P platform, a first for the UK.
The platform provides loans for sole traders of up to £25,000 and seeks to help those with cashflow issues.
But the platform says it is not aiming to be the next Funding Circle, and feels it is best to “segment the market”.
Zopa’s Mat Gazeley told BusinessZone: “Funding Circle do a really good job on the bigger business loans, so we don’t ever want to compete with them on that scale. We don’t see them coming to consumer side of things.”
He added that the partnership with Metro Bank is a step up for Zopa and a “prestigious stamp of approval”.
In addition, it has opened the doors to other potential partners for the platform. Zopa also has existing partnerships with both taxi app Uber, for which it helps fund drivers’ vehicles, and Flow Energy, to finance boilers.
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