Flowgroup links up with peer-to-peer lender
GREEN energy innovator Flowgroup has penned a deal with Zopa, Europe’s largest peer-to-peer lending platform, to provide finance to its boiler customers.
The Cheshire company is preparing for the launch of its new micro combined heap and power boiler early in the new year, and the Flow Finance package will provide a payback time of five years for the complete cost of the device.
The deal will allow customers to buy the Flow boiler using a separate unsecured personal loan through Zopa. Repayments are off-set by reductions in the customers’ home energy bills from the value of the electricity generated by the boiler.
In order to help customers buy the boiler Flowgroup will introduce its customers directly to Zopa, but has had to apply for a licence from the FInancial Conduct Authority to do so. This has now been granted by the regulator.
Tony Stiff, chief executive of Flowgroup said: “We intend changing the home heating and home energy markets. Zopa is doing the same in the personal finance industry. Both companies share a belief in the necessity of innovating and providing an enhanced customer offering in order to drive growth.
“We believe this relationship represents a great opportunity for Flow to support its boiler offering. Being granted FCA authorisation for limited credit broking underpins this offer and completes our customer proposition.”
Giles Andrews, CEO and co-founder of Zopa, added: “This unique commercial deal offers consumers a low-cost loan to fund an innovative money saving boiler from Flow and our lenders get a great return for funding these loans. Flow has an excellent track record in providing value and great customer service, two key things that Zopa values in a business.”
