Yopa secures yet more investment as it reveals ‘reduced losses’

The investment arms of Savills and the Daily Mail General Trust have pumped more cash into online agency Yopa which has announced ‘reduced losses.’

Yopa says revenues were up 73 per cent in 2020, with listing growth of 28 per cent contributing to this increase. 

Its latest trading update also reports "significantly reduced losses” from £18m in 2019 to £6m in 2020.

Its in-house mortgage proposition, Scout Financial Services, began operating in October 2019 and has submitted over 2,000 mortgages since equating to over £230m in lending. “The company is actively recruiting to meet surging demand” says Yopa.

The new investment will go towards additional marketing activity, increasing headcount and expanding Yopa’s reach, to increase market share and revenues. There will also be further investment in Scout Financial Services.

Managing director Freddie Cornes says: “We're very excited for our future growth plans and to have received further investment from our long-standing investors, demonstrating their ongoing support of our plans for continued growth in 2022 and beyond.

“By focusing on improving marketing efficiency and messaging, our marketing acquisition cost has reduced by 80 per cent. This has allowed us to invest more in marketing activity and central sales teams, which has contributed to record franchisee earnings in 2020 and 2021.”