Money&Co unveils its Innovative Finance ISA
MONEY&CO has become the latest peer-to-peer lender to unveil its Innovative Finance ISA (IFISA), offering one of the top rates among authorised ISA providers.
The business lending platform, founded by City superwoman Nicola Horlick, will offer a three-year fixed rate IFISA based on A+ rated loans secured on residential property, offering a rate of around seven per cent after fees.
Money&Co received full FCA authorisation in February and was just waiting for its ISA permissions before launching today.
Investors can lend money directly, or financial advisers can make an application on their behalf.
Read more: See the top rates in our IFISA guide
“Money&Co will shortly be offering a three-year fixed term loan secured on residential property in the UK with a net yield of around seven per cent after fees,” the firm said in a statement.
“We believe that loans with asset backing will be particularly attractive to ISA investors.”
It becomes the eighth IFISA available ahead of the end of the tax year, while the more established names such as Zopa, RateSetter and Funding Circle look unlikely to meet the deadline.
The latest HMRC figures show 30 firms have now received IFISA manager status.
Several other platforms have recently received regulatory permissions and are likely to launch their product before the end of the tax year.