Zopa

What are banks meant for : Intermediaries between Lenders and Borrowers. Why should internet, the supposed platform  for killing all intermediaries spare banks…atleast that’s what a group of people from London think so.

Zopa , a new service promises exactly this :

Bank - Your idea of hell: a place where you’re told which rate you can invest or borrow at and how long you can invest or borrow for and then offered, in a sad mockery of the word ‘choice’, a meagre number of off-the-shelf solutions which either suit you or don’t. You can find places like these on any high street - they’re called banks - but you might have other names for them.

Your idea of heaven: a place where you can choose exactly what rate you want to lend or borrow at, and where you can choose exactly how long you want to lend or borrow for. And where you can monitor your money’s performance once a year or once a minute if you prefer, and where you can choose your own user name. ‘Noonetellsmewhattodo’ is still available.

That place is called Zopa.

’ll be interesting to watch how this service comes up