British fintech firm Zopa has raised £220m in a funding round led by SoftBank’s Vision Fund 2.
The move comes ahead of plans to list in London next year.
According to various media reports the company is now valued at $1 billion following, making it the latest European fintech to achieve “unicorn” status.
“We are growing our balance sheet rapidly,” Zopa CEO Jaidev Janardana told CNBC. “What this capital allows us to do is to accelerate that trajectory of growth.”
“[Softbank] share this belief that by using technology and AI a lot more, we are able to scale faster and compete with the incumbents because we bring both cost advantage and the advantage of making precise decisions,” Zopa’s CEO said.