Crowdstacker to develop cash and stocks and shares ISAs
CROWDSTACKER is planning to launch cash and stocks and shares ISAs to offer greater diversity to its customers.
The peer-to-peer business lending platform, which was one of the first P2P firms to launch an Innovative Finance ISA (IFISA), is currently developing a cash ISA and plans to launch a stocks and shares ISA later down the line.
Karteek Patel (pictured), chief executive and co-founder of Crowdstacker, said this will enable Crowdstacker’s customers to manage their traditional and alternative investments across the same platform.
For example, they will be able to see the returns that are being generated by their IFISA, stocks and shares ISA and cash ISA in one place.
“Hopefully, it allows investors to better diversify their risk because they can visualise what their portfolio looks like and what they are earning across their portfolio,” Patel told Peer2Peer Finance News.
Patel wasn’t able to divulge further details at this stage, he said the team hopes to launch the cash ISA over the next six months but says secured business lending will always remain at the core of the business.
“As liquidity grows, it [Crowdstacker] can become a place where you can manage more of your pot and cash,” he added.
“You can flexibly change risk across your ISAs or different investments.
“Naturally, the goal is that liquidity in the alternative part of that portfolio increases, which allows us to target bigger businesses that are looking for larger sums of money.”
Read our full exclusive interview with Karteek Patel in the September Peer2Peer Finance News print magazine.