LONDON (ShareCast) - (Sharecast News) - TruFin announced on Friday that Zopa, in which it currently owned around 15%, has agreed a further round of equity capital investment to be deployed to support the capital needs of the "next generation bank" it has been building.
The AIM-traded firm said the investment of £44m would be made in tranches, as Zopa's bank plans progress.

As a result of the transaction, TruFin's holding in Zopa would fall to around 13%.

It said the latest fundraise implied an increase in valuation of £8m for the company's investment in Zopa, from the £36.5m reported at 31 December, to £44.5m.

The £8m increase represented an increase of 8.2p per TruFin ordinary share.

"We aim to be the best place for money in the UK and we believe that launching our bank is a key next step," said Zopa CEO Jaidev Janardana.

"It allows us to offer a wider choice of products and to help our customers make smarter choices with their money.

"We are excited to see this investment round take us closer to our goal."

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