Elfin Market pushes IFISA launch to September
PEER-TO-PEER consumer lender Elfin Market will launch its Innovative Finance ISA (IFISA) product in September after pushing back the release date in order to implement additional features, co-founder and chief executive Mansour Bouaziz said.
Elfin’s team is working to implement a full suite of features before officially launching the product, Bouaziz told Peer2Peer Finance News, stating they want to get the product to be “as clean as possible”.
Elfin had originally planned to launch the IFISA product around June this year but it has been delayed to develop additional features such as the ability to transfer in ISA funds from other ISA accounts.
Read more: Elfin Market to launch IFISA “within weeks”
Elfin’s IFISA will allow investors to earn returns of between 3.8 per cent and 5.8 per cent by investing in the Elfin Purse, an online credit facility that aims to disrupt the credit card market.
A waiting list to be the first to invest in the product has grown to 2,200 people from 1,800 back in May, Bouaziz said.
Elfin has been gradually moving customers from the waiting list to the beta version of the IFISA product. There are so far 20 customers using the beta version and the platform has lent around £20,000.
The minimum investment threshold for the Elfin IFISA will be £100, and it will be targeted at retail investors who understand the risks involved in P2P lending.
Elfin is planning to launch an app, tentatively planned for release in the first quarter of 2020, that will provide all the functionality of the website on customers’ phones.
Elfin is also working on a physical payment card product linked with borrowers’ Purse accounts. Elfin Market will offer consumers a line of credit with the same flexibility as a credit card but with much lower interest rates.