Funding Circle

Funding Circle Isa to launch this tax year

Funding Circle has revealed that it plans to launch its Isa this tax year.

According to HMRC, the peer-to-peer lending platform is now an authorised Isa manager having secured full FCA authorisation in May this year.

A spokesperson for Funding Circle stated: “We have been focused on improving our existing product to date and will launch the Funding Circle Isa this tax year.

“Seasonality exists with small business lending and platforms play an important role in liquidity management, so we will launch at a time that suits both investors and borrowers.”

The platform recently announced a strategic long-term partnership with Aegon that will see the financial services group support the growth of UK SMEs through investment in Funding Circle.

The peer-to-peer lending platform will also launch an upgraded version of its current Autobid and Autosell lending tools in September.

The option to manually choose which businesses to lend to and which loan parts to sell will be withdrawn.

Some 63,000 investors have lent £2.6bn through Funding Circle since its launch, earning £135m in interest.

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