One of the UK’s best-known and oldest fintech companies is running up against a tight deadline to secure funding needed to maintain its banking licence, as a major investor is sidetracked by a funding crunch of its own.

Zopa, a peer-to-peer lender, must raise between £100m and £150m by December 3 in order to secure a permanent banking licence from the UK regulator. But those efforts face a challenge as Zopa-backer, Wadhawan Global Capital, has been hit by an insolvency crisis at its Indian sister company.