P2PFA member platforms secure over £300m from IFIsa investments

P2PFA member platforms secure over £300m from IFIsa investments

Members of the Peer-to-Peer Finance Association (P2PFA) have seen 28,000 Innovate Finance Isas (IFIsas) opened, with more than £300m of funds already under management, according to the latest figures.

The data published by the P2PFA revealed a significant take-up of IFIsas in the first year of them being made widely available to customers.

The six P2PFA member platforms which offer an IFIsa are: 

Funding Circle
Lending Works

IFIsas offer customers returns of between 3-7% and give people the opportunity to lend directly to other people, small businesses, property developers and buy-to-let investors through P2P lending platforms.

This announcement comes after the FCA revealed that it was considering mandating banks to offer a ‘basic savings rate’, as it was concerned that savers who stayed with the same bank or building society for a long period of time saw poor returns on their money.

“We are really pleased that the Innovative Finance Isa has attracted such impressive momentum in its first year of being widely available to customers,” said Paul Smee, chair of the P2PFA.

“It justifies the investment which platforms have made in the product and shows that P2P lending has a growing role to play in the investment market.”

Commenting on the data, Robert Pettigrew, director at the P2PFA, added: “Six P2PFA platforms have launched their Innovative Finance Isa products very successfully over the course of the last 15 months, and these figures demonstrate that retail investors are eager to avail themselves of this opportunity.”

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