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.
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.