MONEYTHING has opened its Innovative Finance ISA (IFISA) to all investors, following a successful soft launch of the tax wrapper.
The peer-to-peer business lender opened its IFISA to just over 100 pre-registered users at the start of the new tax year in April.
Investors have channelled over £740,000 into MoneyThing’s IFISA so far, the platform said on Tuesday.
“The soft launch in April was very successful and we’re delighted with the take up so far,” said Sophie Pearce, managing director at MoneyThing.
“We fully expect the majority of our eligible lenders will subscribe to the IFISA to improve their net returns.”
MoneyThing offers a flexible IFISA and is open to transfers from existing ISA managers straight away.
MoneyThing offers lenders up to 13 per cent returns on individually selected loans to British businesses. All loans are available to be purchased within an IFISA, offering the added benefit of tax-free earnings.
The platform gained Financial Conduct Authority (FCA) approval in March 2017 and ISA manager status from HMRC the following July, but has been in no rush to launch its IFISA as it said it needed to work on matching healthy investor inflows with good quality loan deals.