MORE than £588m was invested in Innovative Finance ISAs (IFISAs) offered by members of the Peer-to-Peer Finance Association (P2PFA) by the end of the second quarter of this year.
According to new data released by the P2PFA, as of 30 June 2019 there were more than 40,000 IFISA accounts across the organisation’s eight member platforms: CrowdProperty, Crowdstacker, Folk2Folk, Funding Circle, Landbay, Lending Works, ThinCats, and Zopa.
Robert Pettigrew (pictured), director of the P2PFA, pointed out that during the first fifteen months of the IFISA, more than £300m was invested across six platforms. “12 months on, all P2PFA platforms now offer an IFISA to investors,” he added. “Levels of investment have nearly doubled with steady growth in the number of IFISAs.”
Pettigrew confirmed that the P2PFA would be releasing IFISA statistics on a quarterly basis in the future.
“The IFISA has been a major landmark in the development of the UK alternative finance landscape,” said P2PFA chair Paul Smee. “All member platforms have launched their own offering for retail investors giving consumers the opportunity to access tax-free interest on peer-to-peer lending investments.
“Given our firm commitment to promoting transparency in the UK P2P lending sector, we will now publish data on the value of IFISA assets under management, as well as the number of accounts held.”
Last year, it was confirmed that the P2PFA member lending had passed £10bn, although this was revised downwards to £9.5bn earlier this year, following the departure of MarketInvoice from the trade body.
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