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Peer2Peer Finance News | August 24, 2019

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ArchOver readies for IFISA launch

ArchOver readies for IFISA launch
Marc Shoffman

ARCHOVER is planning to launch its Innovative Finance ISA (IFISA) in the next few weeks.

The peer-to-peer business lending platform, which gained authorisation from the Financial Conduct Authority (FCA) last year, has emailed existing investors informing them of the news.

The email also included a link to a survey asking them if they were interested in signing up to the ArchOver IFISA and if they already have any ISA savings.

“We are delighted to be launching our new IFISA over the next few weeks,” the note said.

“Since our FCA authorisation, this service has been a long time in the planning and a significant new string to our bow.

“The IFISA allows individuals to use some, or all, of their annual ISA investment allowance to lend funds through the P2P lending market, whilst receiving tax-free interest and capital gains.”

The note said ArchOver’s IFISA will offer returns of between 6.25 per cent and nine per cent.

It marks a busy month for ArchOver after recently expanding into research and development loans.

The lender surpassed £50m of lending at the end of 2017.