MONEYTHING has received Innovative Finance ISA (IFISA) approval from HMRC and is bringing forward its plans to launch the tax-free product, in response to investor demand.
The peer-to-peer lender gained Financial Conduct Authority approval in March after an 18-month application process, but told Peer2Peer Finance News at the time that it was “not in a rush to launch the IFISA” as its focus was on building loan origination first.
However, the platform had a record month in May, originating £7.7m in new loans, and decided to move its IFISA plans higher up its priority list.
“We’ve caved in to investor demand – it gave us the impetus to do it sooner rather than later,” the firm’s business development director Sophie Pearce said on Friday.
“We actually received HMRC approval more quickly than we expected. We’ve got some tech development to do first and then we’re going to start looking for some beta testers shortly.”
Pearce said that MoneyThing would not commit to a specific timescale for the IFISA launch, but it was high on the agenda. She added that she expects the product to attract both existing and new investors.