Assetz Capital reported record IFISA investment in April 2019, likely driven by a mixture of a growing investor base and the current 2.0% cashback offer for all new IFISA investments made prior to 31 May 2019.
A total £13.0 million of funds were invested in April, bringing the total IFISA fund investment up to £90 million, representing 22.0% of all invested funds on the platform.
Innovative Finance ISA’s were launched by former chancellor George Osborne in April 2016. Investors are able to subscribe to one IFISA in each tax year, alongside separate cash and stock ISA’s, provided the overall investment does not exceed £20,000.
Many Brits have never heard of IFISA’s, but they are growing in popularity after an initial slow start due to few platforms securing permission to launch their own IFISA products. Aside from Assetz Capital, many of the P2P lending platforms reviewed on this blog now offer IFISA investment opportunities (e.g. Kuflink, Growth Street, Funding Circle).