ALMOST half of investment on Property Crowd now comes through its Innovative Finance ISA (IFISA), the debt and equity crowdfunding platform has revealed.
Property Crowd, owned by alternative investment marketplace operator Global Alternatives, launched its IFISA in March 2017. It has reported that 44 per cent of investment into the platform in the current financial year has been through the tax wrapper.
Investors can access returns of between 10 to 13 per cent and the platform is currently offering two per cent cashback on IFISA investments until the end of December.
Read more: IFISAs: The golden ticket
“Much has been written about the IFISA’s slow start, but we’re seeing the opposite at Property Crowd,” Mark Atkinson, head of communications at Global Alternatives, said.
“In fact, 44 per cent of the platform’s investment volume in the current tax year is ISA money. Thanks to our more robust business model, yield-hungry crowd investors have an alternative option heading into the next ISA season.”
HMRC reported £17m IFISA subscriptions and 2,000 accounts in the 2016-17 tax year, but providers have questioned whether the data is understated.