Zopa Bank Launches Beta Version of Current Account Using Thought Machine's Vault Core

UK digital bank Zopa has launched a beta version of its current account, powered by Thought Machine's Vault Core platform, as it expands from a specialist lender into a full-service digital bank.

The current account gives Zopa customers access to everyday banking features including payments, direct debits, and standing orders alongside the savings and lending products that have been the bank's core offering since its transition from a peer-to-peer lending platform. Zopa said the Vault Core platform significantly reduced the time required to bring the current account to market.

Thought Machine's cloud-native core banking platform handles the transaction processing, account management, and real-time balance calculations that underpin the current account. The smart contract-based architecture allows Zopa to configure product features and pricing through code, providing flexibility to iterate quickly based on beta customer feedback.

Zopa's journey from peer-to-peer lender to licensed bank has been one of the UK fintech sector's notable transformations. The company obtained its banking licence in 2020 and has since built a profitable business around fixed-term savings accounts and personal loans. The current account adds the missing piece needed to compete with established digital banks like Monzo and Starling.

The beta launch allows Zopa to test the current account with a limited number of customers before a wider rollout. The bank said it is particularly focused on ensuring the reliability and performance of real-time payment processing during the beta phase.

Thought Machine's growing roster of UK bank clients, including Shawbrook and Standard Chartered, has established it as a leading core banking platform provider in the British market.