Giles Andrews co-founded Zopa with Richard Duvall, James Alexander, David Nicholson and Tim Parlett. The team had met at Egg, Britain's first internet bank, and saw eBay as a template for lending. Andrews was the long-time CEO and later chairman.
Zopa launched in March 2005 as a peer-to-peer lender. In January 2017 it became the first UK P2P lender past £2 billion in loans, and in May 2017 it became fully FCA regulated.
It received an interim banking licence in December 2018 and a full licence in June 2020. In December 2021 it left peer-to-peer lending and bought back investors' loans. It bought DivideBuy in February 2023 and launched the Biscuit current account in March 2025.
A 2022 IPO plan did not happen. In December 2024 Zopa raised $87 million privately at a valuation above $1 billion. Revenue was £303.4 million and net income £34.2 million in 2024.