Zopa has appointed Equifax, the consumer and business insights expert, to provide customer management solutions in addition to its existing role as primary credit reference agency.
Equifax has worked with Zopa, a pioneer in peer-to-peer (P2P) lending, since its inception in 2005. Under the new multi-year contract, Equifax will provide deeper insights into customer behaviour to enable Zopa to better understand the performance of its loan portfolio and to enhance borrower rates for returning loyal customers.
It’s an exciting time in Zopa’s development with the company recently lending its billionth pound and continuing its ambitious growth targets, seeking to double the level of loans it handles next year.
Craig Tebbutt, Head of Alternative Lending, Equifax, says: “Zopa has been instrumental in the development of the UK’s P2P lending sector and Equifax is proud to have been part of this journey with them from the beginning.
“The deeper customer insights we are now providing will help Zopa maintain its strong market position and keep pace with rising borrower demand. 2016 will be a key year for Zopa; volumes of institutional funding are growing and retail customers will be eligible for the new Innovative Finance ISA (IFISA) from 6th April . These advances demonstrate the tremendous growth potential in alternative lending.”
Jaidev Janardana, CEO, Zopa says: “Equifax has extensive experience of the P2P sector and its in-depth understanding of our business needs, coupled with the strength of its data, plays a vital role in ensuring we offer the best customer experience possible.
“During our long-term relationship we have always been impressed by the client service Equifax offers, both in terms of tailored solutions and the team’s responsiveness. Technology is a key focus and area of investment for our business, but to maximise the effectiveness of this technology it must be supported by the most powerful data available. During our selection process we were convinced that Equifax was the best provider to work with as we grow our business further.”