The micro loan from the Development Bank of Wales will fund the fit-out of a new shop in Cardiff.
"Our landlord contacted us to explain that a larger shop in Wellfield Court was becoming available and it was ideal timing as we needed more space and wanted to take advantage of a larger shop front with more passing trade."
The funding round was led by IAG SilverStrip to support business growth and future acquisitions.
"Today’s financing is a clear market validation of Zopa Bank’s financial performance, pointing to strong investor confidence in its growth and in its ability to deliver strong financial performance despite the economic uncertainty. As a profitable business, it is also a seal of approval for our responsible and sustainable business model, our strong unit economics, and our vision to build Britain’s best bank. We are happy to have investors who share our excitement at the opportunity to serve more customers across more product categories as we get even closer to reaching full-year profitability in 2023 for the first time."
The funding from the Development Bank of Wales supports the construction of 44 new homes in Newtown.
"As a local family-run company, we pride ourselves on building high-quality and good value new homes. Oaks Meadow offers local people the opportunity to buy in their community, be that their place of birth, residency or employment which is why we were keen to make sure that we partnered with a funder who understood the local area."
Triple Point Private Credit provided the three-year revolving facility to help the insurtech reach a broader customer base.
"We have held conversations with Marshmallow’s management for some time about how we may help them with their funding requirements and are excited to be working with a management team that have successfully launched and scaled an insurance business so impressively,"
— Gavin Maitland Smith, Head of Structured Finance