Zopa Bank partners with iVendi to expand motor finance reach

A new technology partnership between Zopa Bank and iVendi is set to open up a broader route into the UK motor finance market for the digital bank, enabling faster application processes and access to a wider network of car dealers.

Under the agreement, Zopa will integrate with iVendi’s point-of-sale platform, streamlining quoting and application systems for its existing dealer network while positioning the bank in front of new introducers using iVendi’s tools.

Tom Horton, head of sales at Zopa Bank, said the move addresses long-standing dealer frustrations: “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.

“We believe that we have a compelling motor finance proposition and iVendi is providing a new route to market that will see it presented to more dealers,” he said.

The integration enables near-instant decisioning and simplifies how dealers submit and manage applications. Zopa expects the improved accessibility to appeal not only to its current partners but to many of the independent and franchised dealers who already use iVendi’s software platform.

Zopa also plans to implement iVendi’s Finance Navigator product in the near future. This addition would support real-time finance pre-approval, allowing consumers to receive guaranteed offers based on accurate input during initial online searches—a step aimed at further simplifying the buying process.

James Walker, VP of banking alliances at iVendi, said Zopa’s digital-first approach makes it a strong fit for the new platform.

“We’re very pleased to add Zopa Bank to the list of finance providers who have adopted our new point of sale platform. They are very much a digital-first finance provider who, we are sure, will be able to maximise the benefits of our technology,” he said.

Zopa Bank, which began life as a peer-to-peer lender in 2005 before becoming a licensed bank in 2020, has steadily expanded its motor finance portfolio with products like hire purchase and personal contract purchase. It has now lent more than £13 billion to UK consumers.