25 November 2015
Developments in P2P lending
Speaker: Giles Andrews, Zopa
Background:Peer-to-peer lending — where savers cut out banks and lend directly to people and businesses at better rates — is growing explosively in the UK and the flagship company in this space is Zopa. Zopa announced that it hit a big lending milestone in August 2015. That milestone is £1 billion ($1.5 billion) in enabled lending but, bearing in mind that the company is doubling in size year-on-year, this is just the start. It took ten years to reach £1 billion in lending, for example, but Giles Andrews expects it to be less than a year to reach the next £1 billion. If this market stays on course then, as Goldman Sachs estimate, it will only be a short time before over $10 billion in bank profits from lending moves from the banking system to the P2P system. How is this happening and what is the trajectory for future growth. To find out, Giles Andrews will provide a view.
Giles Andrews is co-founder and executive chairman of Zopa, the world’s first and Europe’s leading P2P lending business, which is disrupting retail financial services by providing better value to consumers. Zopa has now lent more than £1.1bn in the UK. It has also been voted ’Most Trusted Personal Loan Provider’ in the Moneywise Customer Awards for the past 6 years in a row and won Moneyfacts “Best Personal Loan Provider” and “Best Customer Service” (in all of financial services) awards in 2014 and 2015.
Giles spent the first ten years of his career pursuing his passion for all things automotive. This included co-founding Caverdale in 1992, a start-up taken to a £250m revenue motor retailer and sold in 1997. After an MBA at INSEAD he ran his own consultancy business, with large clients in the General Retail and Financial Services sectors, and which also provided start up advice and early stage funding for new businesses, until co-founding Zopa in 2004. Giles is also Chairman of Bethnal Green Ventures, the accelerator for start-ups using technology to make social or environmental impact.