The platform’s first ever rate rise saw investors adding to their Access Accounts in the first month.
Peer-to-peer business lender Assetz Capital has seen strong inflows in the first month since it announced an interest rate rise for investors, according to a statement by the platform.
Assetz movedits target interest rates for its Quick Access Account and 30-Day Access Account from 3.75 per cent to 4.10 per cent and from 4.25 per cent to 5.1 per cent, respectively. The rate increase was announced on 16th May 2018 but was effective from 1st May 2018.
Investors are able to access the rate increase across both ISA-wrapped and non-ISA accounts.
“We’ve been very encouraged by the reaction to the rate rise by our existing lender base and have welcomed plenty of new investors to the fold too – many of whom are opting for an ISA-wrapper and transferring existing ISAs onto the platform.
Law adds that the inflows of new cash since the rate rise has helped Assetz’ ISA pot to reach more than `£50m since its launch six months ago.
“We continue to see the average balance of individual investors actually grow month-on-month, with average investment for invested lenders growing to around £23,000 per account, and we have serviced over £768 million of withdrawal requests on time, every time for our investors to date within the Access Accounts,” he added.
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.