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Peer2Peer Finance News | February 18, 2019

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Assetz Capital reports boom in IFISA account openings

Assetz Capital reports boom in IFISA account openings
Suzie Neuwirth

ASSETZ Capital has signed up more than 2,000 investors to its Innovative Finance ISA (IFISA) since its launch in December, surpassing total IFISA subscriptions for the whole market in the 2016/2017 tax year.

The peer-to-peer business lender said on Tuesday that its investors have put more than £10m into the tax wrapper in the past two months.

The platform was unable to provide a breakdown of how much of the subscriptions came from new IFISA money and what proportion came through ISA transfers.

Read more: Assetz Capital to upgrade systems to address account locking issues

Read more: Assetz Capital expands into Northern Ireland

“We are very encouraged by the initial reaction to our ISA,” said Stuart Law, chief executive of Assetz Capital.

“We have a range of automated accounts available within the ISA, with the manual lending account set to follow soon, so I expect we’ll continue to see a strong take-up throughout 2018.

“The landscape is changing and people are looking for places where their money will work hard for them, and that is increasingly not in cash ISAs. This is a watershed year for the IFISA.

“It’s up to the whole industry to deliver on this opportunity and help create a large-scale alternative way to invest in ISAs, just as the government originally intended when it created them.”

More than 10,000 investors registered interest in the IFISA ahead of its launch in December.

Only its auto-lending products have been made available in the tax wrapper so far, with manual investments due to be added.

Read more: Assetz makes three new hires to boost deal flow in the regions