The original founders of peer-to-peer lending pioneer Zopa spoke out against the firm’s decision to exit the industry, arguing that the transition to focus solely on banking goes against the startup’s early ethos.

Zopa was conceived in 2004 by three former employees of the UK’s first internet bank Egg — Richard Duvall, David Nicholson and James Alexander — who gathered together in a Hertfordshire barn to brainstorm business ideas. The team was later expanded to include former Zopa chair Giles Andrews, alongside former chief technology officer Tim Parlett and ethnographer Bruce Davis among others.