Zopa re-opens platform to new investors

29 January 2018

Peer-to-peer (P2P) lender Zopa has re-opened its platform to new investors, although a four-week waiting period remains in place for those signing up from today.

The platform was closed to all new investors for much of 2017 as Zopa tried to ensure its existing 60,000 customers did not suffer service issues.

During this period, potential investors were able to join a waiting list, and everyone who had registered their interest prior to last week will now receive an invitation to invest.

Zopa told Moneywise that new investors joining the waiting list from today should not have to wait more than a month before they can invest.

Customers will be able to invest in the basic Zopa Core product, which targets a return of 4% per year, and the higher risk Zopa Plus product, which has a targeted return of 4.6%.

Both products are also available as an Innovative Finance Isa (IF Isa).

Existing customers can recommend a friend to Zopa, with both parties getting a £50 reward if the referred person successfully invests £2,000 or more. The referred friend will also be issued with a queue jump pass, which means they will not have to wait as long to invest.

Those wanting loans from Zopa have still been able to use the site as normal during the freeze for new investors.

Andrew Lawson, chief product officer at Zopa, says: “New Zopa investors will join a community of more than 60,000 active investors from across the UK, earning attractive rates of return, and in the case of the Isa, tax free returns. Investors will get access to an asset class that offers a higher return than cash, in exchange for the risk of lending, and less volatile returns than in stocks and shares.” 

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