Assetz Capital launches IFISA
ASSETZ Capital has launched its Innovative Finance ISA (IFISA) to both new and existing investors, in contrast to the industry trend of staggered roll-outs.
The peer-to-peer business lender confirmed on Tuesday that its IFISA is only available on its automated investment products, with manual investments to be included in the first quarter of next year.
The platform’s automated accounts now hold around £150m of investor money with a further £50m invested in manually selected loans.
More than 10,000 investors have already registered interest in the ISA ahead of its launch, said Assetz Capital’s chief executive Stuart Law.
The launch of the new tax-efficient product comes as the company goes through a branding revamp.
“This has been a transformational year,” said Law.
“We are ending on a high with a refreshed brand and website, new headquarters in Manchester and the launch of our ISA. This is the result of the fantastic work by our dedicated team to help take P2P lending to the next level.”
Many of the larger P2P lenders have opted to open their IFISAs purely to existing investors at the beginning, to avoid a mismatch of lender and borrower funds following an influx of new money. Zopa’s IFISA, which launched in June, is still not open to new investors, while ThinCats has said it is planning a staggered roll-out of its product.