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Peer2Peer Finance News | August 24, 2019

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Wellesley launches new investment platform for listed bonds

Wellesley launches new investment platform for listed bonds
Jordan Bintcliffe

WELLESLEY has launched a new investment platform tailored for listed bonds, as it winds down its legacy peer-to-peer offering.

The alternative property finance provider began offering the Wellesley Property Bond on Thursday, which is listed on Euronext Dublin.

The ISA-eligible bond has a minimum investment of £1,000. It offers a one-year fixed rate at three per cent or three-year term paying annual interest of four per cent.

“Following on from our enhanced regulatory permissions received earlier this year, we are evolving our product offering exclusively towards listed bonds,” Wellesley said in a blog post on its website.

“As part of this progression…we’re excited to launch a new investment platform that will enable customers to invest into our listed bonds directly with Wellesley.”

Existing customers will have access to both the new platform and Wellesley Classic – the company’s legacy P2P and mini-bond investment platform.

Read more: Wellesley pivots business towards listed bonds

Wellesley Classic can only be used to manage existing holdings and funds from customers’ holding accounts have been transferred to the new platform. Interest and full capital on maturity will be paid into the new platform.

Wellesley’s managing director Luke Madden recently told Peer2Peer Finance News that the new product was created in response to customer demand. He said that the platform’s investors asked for a tax-efficient product that would offer above average returns, while still allowing them to benefit from Wellesley’s diverse property portfolio.

“We feel that our ISA offers the best of both worlds as it has the simplicity associated with a cash ISA, but the added value associated with stocks and shares or an Innovative Finance ISA,” he said.