UK FinTech Zopa launches new credit card

By Megha Bhattacharya

UK FinTech Zopa today announced the launch of its first credit card in a bid to help customers stay in control of their money and debt. The FinTech’s credit card provides a feature called ‘Safety Net’ which allows customers to lock away part of their available credit balance for small unexpected expenses.

Customers set their own personal financial buffer when they initially set up their card, and receive instant notification to let them know they’re getting close to their Safety Net limit. The credit card also includes real-time balance updates after purchases showing exactly how much credit they have remaining,

Jaidev Janardana, CEO of Zopa, said, “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. At Zopa, we believe that credit cards need to be revolutionised 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.”

“As an agile tech-first company, we’ll continue to develop our Zopa credit card inline with customer feedback and offer even more innovative, beneficial features in the future.”

Zopa stated that customers can manage their cards in-app, thus allowing control over their credit card via their mobile phone.