PEER-TO-PEER technology provider Goji has been selected by four P2P platforms to provide the administration and functionality behind their Innovative Finance ISAs (IFISAs).
Property platform Landbay, bond auction platform UK Bond Network, crowd bond provider Downing and small business-focused Peer Funding are all using Goji to operate their tax-free product after becoming authorised by the Financial Conduct Authority and receiving ISA manager status in recent weeks.
“We’re signing up an increasing number of platforms who are keen to offer their investors a best of breed IFISA service,” said Jake Wombwell-Povey, chief executive and co-founder of Goji.
“There is a great deal of complexity in bringing the IFISA to market and we are focused on ensuring that it is as easy as possible for investors to access this new opportunity to drive returns. Interest in this new and attractive investment vehicle is not surprising given the low yields available on traditional fixed income and savings and increasing inflation.”
Goji is calling on P2P platforms to act now before the end of the tax window to capture the increased interest in the IFISA, citing a recent Morgan Stanley report that predicted the size of the P2P market could reach £20bn by 2020.
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“The IFISA is a great product for investors, and firms know that they need to launch their IFISAs before the big investment businesses start clogging up the airwaves in the traditional ISA season of February and March,” Wombwell-Povey added.
“With the end of the tax year approaching, we’re readying our customers for the surge in demand predicted by industry experts.
“Given current figures, it is easy to see why many thousands more investors will choose to invest in the IFISA before the April deadline. Then of course things will get really exciting with the new £20,000pa ISA threshold kicking in from April 2017.”
Peer-to-Peer Finance News recently partnered with Goji, providing up-to-the-minute P2P news and analysis to a wider audience of wealth managers. Goji’s website now contains a P2PFN news feed within the ‘Goji Insight’ section of its website, giving Goji’s wealth management clients access to the latest industry news at the click of a button.