Alejandro Gonzalez
2 min read
Digital bank Zopa is looking to streamline its motor finance offering and broaden its market reach through a newly announced integration with iVendi’s connected retailing platform.
According to a press release from iVendi, the collaboration will enhance quoting and application processes for motor dealers currently working with Zopa Bank, while opening access to a broader network of potential introducers.
Tom Horton, head of sales at Zopa Bank, said the move will help the lender connect with “not just our existing dealer customer base but potentially many more motor retailers,” describing the development as a “positive for our business.”
He pointed to common frustrations among dealers—such as slow credit decisions and complex onboarding—as drivers behind the bank’s decision to adopt iVendi’s technology. “It’s clear that dealers feel some finance providers just aren’t delivering in these respects,” Horton added. “The adoption of the new platform means we can create further enhancements. It makes applications and submissions easier, as well as helping us to deliver decisioning within seconds.”
As part of the integration, Zopa plans to implement iVendi’s Finance Navigator tool, enabling online finance pre-approval. Horton called it “a genuine step forward,” noting it will “speed up the process for everyone involved” and provide consumers with “the comfort of a guaranteed go-ahead.”
Zopa, which launched in 2005 as a peer-to-peer lender and became a fully licensed bank in 2020, has since lent more than £13 billion to UK consumers. Its motor finance products include hire purchase and personal contract purchase options.
James Walker, VP of banking alliances at iVendi, welcomed the partnership, saying: “They are very much a digital-first finance provider who, we are sure, will be able to maximise the benefits of our technology.”
iVendi, founded in 2009, specialises in digital retail tools for the motor industry, supporting both online and in-showroom vehicle sales.
"Zopa Bank partners with iVendi" was originally created and published by Motor Finance Online, a GlobalData owned brand.
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