News first broke
plans to launch a bank in November of 2016. During the
four-year-period since then, the U.K.-based P2P lender has been
slowly progressing toward becoming a fully fledged challenger
Today, Zopa took this initiative a step further,
launching a credit card offering. Zopa said that the card is
specifically designed to help users stay in control of their money
and their debt.
The card has two tools that help users manage their money. The
first is called Safety Net. The Safety Net feature allows users to
lock up some of their available credit balance to use for small,
unexpected expenses. Customers decide how much of their available
credit to lock away and can easily unlock access to the credit via
the mobile app.
The card, in combination with the mobile app, also offers real
time balance updates. The feature enables users to see how much
credit they have available in real time, without needing to wait
for the transaction to show up in their balance statement.
“The credit card market hasn’t caught up with the
standard of other digital products and customers have been
waiting too long for a better experience,” said Zopa CEO Jaidev
Janardana. “At Zopa, we believe that credit cards need to
be revolutionized so we have built a card designed around
putting the customer in control. Industry firsts such as our Safety
Net feature and handy tools like real time credit balance updates
help customers manage their money effectively, enabling them to
build a good credit profile.
Zopa’s credit card also offers users the ability to view
spending categories, instantly freeze and unfreeze the card, turn
on/off certain spending categories such as gambling and cash
withdrawals, and make contactless payments.
The Safety Net tool is just the latest example of Zopa launching
customer-first products for the underbanked population. In October
of last year the company
launched Borrowing Power, a tool that leverages AI to show
users what makes up their personal borrowing power and guide them
toward actions to help improve it.