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Peer2Peer Finance News | December 17, 2017

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Gone in 900 seconds! Funding Circle IFISA motors ahead with instant sign-ups

Gone in 900 seconds! Funding Circle IFISA motors ahead with instant sign-ups
Marc Shoffman

Funding Circle has begun rolling out its Innovative Finance ISA (IFISA) to investors and had a customer sign up within 15 minutes.

The peer-to-peer business lending giant started emailing users on Thursday morning, in order of when they opened accounts and started investing.

A spokesperson informed Peer2Peer Finance News of the 15-minute sign-up and said that the response had been good so far.

Read moreIFISAs: The golden ticket

The platform is managing demand by firstly giving access to the tax wrapper to active investors who have lent money since 1 May 2017, followed by those who have previously transferred funds.

Accounts will then be made available for investors who have signed up but not yet transferred funds, followed by new investors who open accounts after 23 November 2017.

The IFISA account is a flexi-ISA, meaning you can withdraw any available funds without affecting your annual £20,000 ISA subscription limit, providing you transfer them back in by the end of the tax year

As with other IFISAs, investors will not be able to transfer existing P2P loans.

There will be a minimum investment of £1,000.

Read more: HMRC’s IFISA numbers come under scrutiny

Staggered roll-outs seem to be an emerging theme to IFISA launches, after Lending Works had to temporarily close its offering earlier this year after reaching a £1m limit within 24 hours of the product launching.

Funding Circle’s approach echoes that of other platforms such as Zopa, which is currently only offering its IFISA to existing investors.

Read more: Budget, personal allowance ‘hampered’ IFISAs