Ratesetter ISA tops £175m in first year

The peer-to-peer lending platform said its ISA accounts for one-fifth of its £830m of funds under management.

Peer-to-peer lending platform Ratesetter said it has been “blown away” by the popularity of its first ISA product, which has hit £175m of subscriptions a year after launch.  

The firm added that the amount of cash invested into its Innovative Finance ISA, currently accounts for one-fifth of its £830m funds under management.

It said that 16,500 people, or almost one-quarter of platform’s investors, have opened an ISA with the business since the product was launched last February.

Mario Lupori (pictured), RateSetter’s chief investments officer, said: “We have always been confident that investing with RateSetter delivers excellent value and that the tax-free ISA wrapper makes investing more attractive still – but we have been blown away by the popularity of the RateSetter ISA in its first year.”

Ratesetter, led by chief executive officer and co-founder Rhydian Lewis, is one of the UK’s ‘big three’ peer-to-peer lenders, alongside Funding Circle and Zopa.

Last month the platform said that overall it has lent more than £3bn to households and firms since the peer-to-peer lending platform was launched eight years ago.

It added that more than 600,000 customers have used the firm, including more than 75,000 who have put money to work on the platform since 2010.