Growth Street prepares for second-quarter IFISA launch

GROWTH Street is planning on launching its Innovative Finance ISA (IFISA) in the second quarter of this year.

It will be too late for this ISA season but Greg Carter (pictured), chief executive of the peer-to-peer business lender, said the platform is working hard on having it ready early in the next tax period.

“We have been seeking investor feedback on how the IFISA will work,” he told Peer2Peer Finance News.

“The platform isn’t expecting major inflows when it launches as most funds typically come in nearer the end of the tax year, but investors just want to know that it is available.

“Many will also want to drip feed into it throughout the tax year.”

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The platform laid out its plans at an investor event in London on Wednesday (6 March).

Carter said loan volumes on the platform had grown by more than 100 per cent each year over the past few years.

He said the platform will keep investing in sales and technology and plans to boost its provision fund, as well as expanding its distribution partnerships, such as its recent entry onto the Starling Bank Marketplace.

The platform is also developing its machine learning so it can help monitor customer finances so that they can better manage their business.

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