Assetz Capital marks record month for IFISA inflows
ASSETZ Capital saw a record month of investor inflows into its Innovative Finance ISA (IFISA) during April.
The peer-to-peer business lender said that its tax wrapper attracted more than £13m last month, bringing its total IFISA investment up to £90m. This makes up 22 per cent of all funds on the platform.
Assetz Capital also said funds invested through its tax wrapper account for around 10 per cent of all funds placed into UK IFISAs as at 5 March 2019, according to the Tax Incentivised Savings Association.
It comes as the platform launched a £1m crowdfunding campaign through Seedrs earlier this month, which is already at almost £1.4m.
It is the lender’s third equity crowdfunding campaign and is a precursor to a larger planned funding round targeting institutional investors. The proceeds will be used to support the next phase of growth for the P2P property lender, which includes plans to scale up its workforce from 100 to more than 200.
The cash will also be used as working capital, to support marketing costs, permit advanced cashflow funding of some investor loan losses and recovery costs, strengthen the balance sheet, and invest in technology.
This will include “resources to accelerate on-boarding on new Lending-as-as-Service partners and other strategic software initiatives”, Assetz said.
It also plans to launch a new line of smaller, mass market secured lending products which is says will be “suited to the large marketplace of mainstream commercial mortgages and residential property refurbishment loans sourced through national brokers and distributors.”
Read more: Growth Street launches IFISA