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P2P lender LendingCrowd launches IFISA

The Edinburgh-based platform is now offering investors the IFISA tax-wrapper for its lending products .

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LendingCrowd has launched one of the first Innovative Finance ISAs (IFISA) with a target rate of return of 6 per cent a year for investors.

The IFISA was unveiled by former chancellor George Osborne last year in the March budget. It allows investors to allocate their full annual Individual Savings Account allowance to p2p platforms as well as monies from other years ISAs.

Lending Crowd’s IFISA product has minimum investment of £1,000. The investment is automatically spread across a portfolio of LendingCrowd loans to SMEs across the UK. 

On 1st November 2016, LendingCrowd became one of the first P2P lenders to achieve full Financial Conduct Authority (FCA) authorisation paving the way for the launch of an ISA product.

Stuart Lunn (pictured), CEO and co-founder of LendingCrowd, said: “We’re excited about launching the IFISA this week and see a massive opportunity to position the IFISA between the traditional savings and shares options that currently exist.”

London based Lending Works has also launched its own IFISA product this week.

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