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Zopa sees £100m of Innovative Finance ISA inflows

The original P2P lending platform has seen strong demand since launching its ISA last year.

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Zopa has today revealed its customers have invested more than £100m in its Innovate Finance ISA (IFISA) products, the firm has said in a statement.

Since the start of 2018, it adds, 60 per cent of new customer funding on the Zopa platform has been into its IFISA products.

Andrew Lawson, Chief Product Officer at Zopa, says since launching its IFISA in June last year, more than 12,000 customers have chosen to open an IFISA with Zopa.

“Reaching the £100m milestone shows that there’s a strong appetite amongst our investors for an IFISA product that sits in the sweet spot between lower return cash ISAs and potentially volatile stocks and shares ISAs.”

Zopa launched its IFISA to new customers in January 2018.

It says that in recognition of hitting the £100m milestone, it is offering its customers a cash-back. Between 24 April and 8 May, both new and existing customers can earn up to £200 cash-back on new money they invest with Zopa.

The £100m is the amount Zopa customers have invested into new Zopa IFISA accounts. Transfers of previous’ years ISAs, and interest earned on IFISA money, is not included in the figures.

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Andrew Lawson

Chief Product Officer

Zopa Bank

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