Zopa was launched in the UK in March 2005 as an arranger of peer-to-peer lending, connecting investors with individuals seeking loans.

[18] In November 2016, Zopa announced its intention to apply for a banking licence so it could expand the range of financial products it offers to UK consumers.

[21] In December 2018 the company was awarded interim banking licences by the UK financial regulators, the FCA and PRA.

[23] By March 2021, Zopa had attracted around £250m in fixed-term savings accounts and had become a "top ten" credit card issuer.

[25] In October of that year, the company raised $300 million from Softbank Vision Fund and other investors, implying a $1 billion valuation.

[27] In December 2021, Zopa announced it would be winding up the peer-to-peer side of its business, including buying back the existing loans of investors.

Zopa offers FSCS-protected deposit accounts, personal loans, credit cards,[35] and a money management app which makes use of data made available by the introduction of Open Banking.