Acquisitions key to neo bank Zopa’s ambitious Manchester expansion

CEO Jaidev Janardana speaks to Rainmakers on growth, talent, and strategic acquisitions, including a recent one in Stoke-on-Trent

Hello Rainmakers,

Zopa, the UK-based digital challenger bank, is setting its sights on Manchester as the engine of its next phase of growth.

In an exclusive conversation with Rainmakers yesterday, CEO Jaidev Janardana outlined bold plans to scale up operations in the city, leveraging both local talent and strategic acquisitions to fuel the company’s rapid expansion, but also providing some fascinating insights on the heavy duty fundraising the bank is doing to fund it.

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“We’re growing 30 to 40 percent year on year,” the Zopa Bank CEO Jaidev Janardana tells me.

“As we look to grow, we want to make sure that we have access to a wider talent pool. Manchester’s people, universities, and tech infrastructure make it a very attractive place for us.”

Founded in 2020 with a full banking license and backed by some of Silicon Valley’s most iconic investors, including SoftBank, Zopa says it is building the “Home of Money”.

Janardana, a smiley and enthusiastic character who welcomed Greater Manchester Mayor to the launch event, said Zopa’s Manchester operation has already launched with 50 employees, with active recruitment underway for 50 more.

Jaidev Janardana with Andy Burnham

The company’s ambition is to reach 500 staff in the city within the next three to four years. Partnerships with local universities and the inward investment agency MIDAS have been at the centre of this vision, with Zopa seeking to collaborate on research and graduate hiring, particularly in the field of artificial intelligence, but also in integrating acquisitions, many of them from businesses close by.

A cornerstone of Zopa’s Manchester strategy is the integration of its latest acquisition, payments platform Rvvup Ltd, based in Stoke-on-Trent.