RATESETTER has attracted £100m in subscriptions to its Innovative Finance ISA (IFISA), just four months after the tax-wrapper was initially launched.
The peer-to-peer platform launched its first IFISA product in early February 2018, and more than 10,000 ISA accounts have been opened since then. Not one of the platform’s IFISA investors have lost any money to date.
“The popularity of the RateSetter ISA has exceeded our expectations,” said RateSetter’s chief executive and founder, Rhydian Lewis OBE (pictured). “With the cash ISA in the doldrums, the RateSetter ISA has quickly become a real option for people who are seeking better returns and are prepared to accept some risk.
“We look forward to building on this and welcoming many thousands more investors who want to put their money to work.”
This is the third major milestone RateSetter has reached within the last month. In May, the platform announced that it has generated more than £100m in interest for its investors, and in a few weeks later it was revealed that RateSetter investors have lent more than £2.5bn to individuals and businesses across the UK.
The platform now has more than half a million customers, making it the most popular P2P lender in the UK. The average annual return received by investors stands at 4.4 per cent.