At our recent ZOPA Uncorked dinner, hosted with HSBC Innovation Banking and Cooper Parry, a group of FinTech founders gathered in Soho for an honest conversation about growth, leadership and the moments nobody talks about publicly.
Our guest for the evening was Giles Andrews, Co-Founder and former CEO of Zopa, first as a peer-to-peer lending pioneer, now a fully licensed UK bank. Instead of making big predictions about the future of finance, he spoke honestly about the tough internal decisions that shape a company’s path.
Moving from peer-to-peer to a bank is a full mindset shift
Giles explained what it meant for Zopa to move from a peer-to-peer lending model to becoming a regulated bank.
As a peer-to-peer business, Zopa was agile, light, and fast. It did not need to hold capital. Most income came from fees, and decisions could be made quickly.
Becoming a bank changed everything. You need to raise large amounts of capital before you can lend money. Income is higher, but you also carry more responsibility. You answer to regulators, and shift to thinking years ahead, not just months. The culture changes from experimental to long-term and accountable.
This wasn’t just a brand refresh, it completely changed how the business thought, operated, and planned, with new people, systems, and leadership.
The hardest part is changing the team, not the product
Giles was very open about one reality most founders avoid. The people who are perfect for the early stage are rarely the right people for the scaling stage.
Early employees are generalists, creative, fast, and willing to do anything. But as the company grows, you need specialists, experience, and structure, which often means letting go of some of the people who helped you get started, and that may include yourself.
Giles replaced himself as CEO before anyone forced him to
This was the moment that captured the room.
Giles hired someone from Capital One to join as COO. After a year, it became clear this person was running most of the company more effectively. Giles made the call to promote him to CEO and moved into the Chair role himself.
It wasn’t a reaction to a crisis, it was a deliberate choice made early, from a position of confidence rather than under pressure. He said it only worked because there was deep mutual trust. The new CEO respected Zopa’s culture. He was not there to overwrite it, he was there to protect and evolve it.
The question every founder was left thinking about
The main theme of the night was this; Are you willing to adjust before the company outgrows you? Not once things are failing or when investors intervene. But while things are still going well. Because the real risk is not always being beaten by a competitor. It is being outpaced by your own creation.
What the evening reinforced
Great founders guide, not just build. They understand when the company needs their full attention, and when it needs them to step back.
The key lesson in the room wasn’t about scaling quickly but about evolving for long-term success. Founders left with a clearer sense of timing, trust, and self-awareness, and were reminded that staying in control often means knowing when to let go.
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