JustUs offers new home to Funding Circle IFISA investors
JustUs has made a play for Funding Circle investors seeking a home for their Innovative Finance ISA (IFISA) money.
Funding Circle announced its exit from retail peer-to-peer lending last week.
Its IFISA has been closed to new lenders for the previous two tax years as the platform was focusing on Covid emergency lending support.
Any investors who have IFISAs from previous tax years can currently keep their money with Funding Circle and continue to earn returns as businesses repay loans.
Investors can also transfer to another ISA product, including IFISAs offered by rival P2P lenders.
JustUs has said in a message to investors that it is now accepting Funding Circle IFISA transfers.
Lee Birkett (pictured), chief executive of JustUs, said he was staggered that more of the platform’s regular account investors have not opened an IFISA.
Read more: Is it worth backing Funding Circle shares?
“As inflation starts to bite, making your spare money work for you has never been more important for capital preservation, never mind growth,” he said.
“With savings sat in cash, your personal buying power reduces by the day.
“Taking some risk to attain a fair return on your money is not suitable for those who need access to their cash at all times.
“For those investors that are fortunate enough to have excess savings, property backed lending with JustUs, particularly when invested via the tax-free JustUs ISA is always worthy of serious consideration.”
Investors moving from Funding Circle will need to complete a transfer form that can be downloaded from the JustUs website and the platform will manage the rest.
Funding Circle said it will aim to complete transfers within 15 days but warned the process can take 30 days.
“To avoid delays, it is important that all the information provided is accurate and the correct balance is available in your account,” Funding Circle said.