harvest digital

Lending and borrowing exchange Zopa has recruited online marketing agency Harvest Digital to manage its digital marketing campaigns.

Formed by the founders of online bank Egg, Zopa acts in a similar way to eBay, by providing an exchange whereby people looking to borrow money can be matched up with those seeking to lend.

Harvest Digital will be working alongside Zopa’s other agencies, Karmarama, Sputnik and Mediacom, who manage the firm’s communications, PR and offline media marketing respectively.

Richard Duvall CEO of Zopa said: ‘Harvest Digital impressed us with their financial expertise and their understanding of the Zopa brand. Their approach will recruit our target audience of financially savvy individuals who are keen to cut out the banks.’

Prospective borrowers on the Zopa network - which stands for zone of possible agreement — must first undergo the usual credit checks, with only the top 40% off applicants being approved. Successful applicants are then split into type A and type B borrowers.

Lenders then decide whether they wish to supply funds to A or B borrowers, set the amount of money they are wishing to lend, the rate they are offering and whether the loan is to be paid back over a one or two year period.

Members are allowed to borrow up £15,000, or loan up to £25,000, and are automatically matched with suitable deals.

Zopa generates revenues by charging a 1% commission of matched deals.