iVendi deal delivers new route to motor finance market for Zopa Bank

iVendi is integrating its technology with Zopa Bank to create a faster and easier quoting and application process for customers.

Tom Horton, head of sales at Zopa Bank, said iVendi’s new platform means the firm can more easily reach not just its existing dealer customer base, but potentially many more motor retailers, which is clearly a positive for the business.

Horton said: "We recently surveyed car dealers and there were widespread concerns about slow credit decisions, complex onboarding processes and delayed payouts.

"It’s clear that dealers feel some finance providers just aren’t delivering in these respects.

“However, as a company, we have long worked to provide industry leading solutions in these areas and 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."

Soon, Zopa Bank plans to add finance pre-approval to its product range using iVendi’s Finance Navigator, complementing its existing pre-approval offering.

This means if an eligible customer provides accurate details in an initial online search, a deal will automatically be offered on the terms quoted. 

Horton said: “It speeds up the process for everyone involved and gives the consumer the comfort of a guaranteed go-ahead, while delivering a transparent and auditable digital history for the dealer and lender.”

Zopa was launched as a peer-to-peer lending company in 2005 and has grown to become a major digital lender, creating Zopa Bank in 2020 and launching a range of dealer lending products including hire purchase and personal contract purchase.

It blends the agility of digital banking with 20 years of lending expertise - having lent more than £13 billion to consumers in the UK to date.