Zopa

P2p lender Zopa has started recruiting executives to lead its upcoming challenger bank project, appointing a chief financial officer, chief risk officer and chief customer officer.

Chief financial officer Steve Hulme has joined from the same position at challenger bank Tandem Money. He has a background as chief financial officer for PayPal’s global credit business and subsequently for the UK and Canadian operations of American retail banking group Capital One.

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Philip Dransfield, formerly of TSB, has become chief risk officer. He also held positions within the Lloyds group, with a focus on credit risk.

Finally, Clare Gambardella was appointed chief customer officer. She previously managed marketing and strategy for the Virgin’s group fitness and health brand, Virgin Active, and has also experience within the Procter & Gamble group.

Jaidev Janardana, Zopa chief executive officer, said: “We’re delighted to have three high profile and exceptionally talented people join the business. Our people are our biggest competitive advantage and these additions further strengthen our position.”

The project of launching a challenger bank which offers consumer deposit accounts, car finance, personal loans and credit cards, was first announced by Zopa in 2016.

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Some nine months after the reveal, Zopa said it would move away from higher-risk credit as consumer credit conditions deteriorate.

The p2p lender has since raised £32m to support the project, and also opened a developer centre in Barcelona to develop its digital infrastructure.

The bank remains set to launch later this year.