A NEW platform that will enable investors to put returns from multiple peer-to-peer lending platforms into one Innovative Finance ISA (IFISA) wrapper has launched a crowdfunding campaign.
MultiISA is looking to raise £110,000 on Crowdcube to finalise the development of its service ahead of its launch.
It said it is gathering more than 50 P2P platforms into a single ISA management platform and will provide a facility for users to get a holistic overview of all their ISA investments.
It is working with fintech firm Yodlee, which is providing an application programming interface so investors will be able to see their account information from various P2P lending platforms through MultiISA.
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The platform has been launched by former independent financial adviser John Mulholland and Jack Crabtree, regional sales manager for Yodlee, has been appointed as non-executive director.
The crowdfunding campaign will go live at the end of August and will last for 28 days. It will initially launch a private investment page, which will be exclusively open for people who register their interest in advance.
“After spending years working in financial services, it was clear to me that there was a huge disparity between the advised and non-advised investors in terms of the services available,” Mulholland said.
“There are up to 10 million UK consumers who are no longer able or prepared to pay the cost of traditional advice services.
“However, no one else will have their best interests as close to their hearts, as themselves.
“If investors have to make their own decisions as to what investments they want to build their portfolio, then give them the freedom to do so in a ‘tax-efficient’ way. Investors make the decisions, we provide the ISA and administration.”
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