ZOPA saw more than £100m invested through its Innovative Finance ISA (IFISA) in the last tax year, the platform has revealed.
The amount easily surpasses the total subscriptions of £17m in the 2016/2017 tax year, when Zopa, and other major players such as Funding Circle and RateSetter, had not yet launched their IFISAs.
Zopa launched its IFISA to existing customers in June 2017, before opening to new customers in January 2018. More than 12,000 investors have opened an IFISA account with Zopa since the products launched, accounting for 60 per cent of new money on the platform.
“Since launching in June, more than 12,000 customers have chosen to open an IFISA with Zopa, benefitting from a better return on their investments in exchange for a bit more risk,” Andrew Lawson (pictured), chief product officer at Zopa, said.
“Reaching the £100m milestone shows that there’s a strong appetite amongst our investors for an IFISA product that sits in the sweet spot between lower return cash ISAs and potentially volatile stocks and shares ISAs.”
Zopa has also unveiled a cashback deal, offering new and existing customers up to £200 cashback on new money they invest between 24 April and 8 May.
Investors can earn £50 cashback by lending £5,000 to £9,999.99, £100 for £10,000 to £14,999.99, £150 for £15,000 to £19,999.99 and £200 for amounts of £20,000 or more.