Just a month into the new tax year Peer2Peer Finance News reports that another three lenders will soon be launching their own Innovative Finance ISAs (IFISA) giving investors an even wider choice of products in which to shelter their direct lending investments.
Founder and chief executive of P2P consumer lender Elfin Market, Mansour Bouaziz, said that it will begin offering an IFISA account ‘within weeks’.
1800 people are believed to have registered an interest in its product, and Elfin Market will initially make its IFISA available to the first 10 members on the list, with additional investors invited each week as it rolls out.
The IFISA has a minimum investment of £100 and offers investors between 3.8% and 5.8% for investing in the Elfin Purse, an online credit facility designed to disrupt the credit card market.
Also joining the fray will be business P2P lender Growth Street whose chief executive Greg Carter recently told investors that it’s product would be out in ‘a few more weeks’; offering 5.8% with a one-year term, Growth Street’s will be a flexible ISA, meaning that investors can withdraw their money and reinvest it within the same tax year as well as transfer in previous years’ ISAs.
Last, but by no means least is Money&Co, headed by ‘Superwoman’ Nicola Horlick; the P2P business lender plans to offer extra security to investors by discontinuing single-loan offerings in favour of an IFISA-eligible ‘portfolio approach’ ensuring greater diversification.