This comes as HMRC revealed that there was a total of £290m invested in IFIsas in 2017/18, an increase on the £36m recorded in 2016/17.
HMRC figures also showed that 31,000 IFIsas were opened in 2017/18, with an average subscription per account of £9,355.
By comparison, only 5,000 such accounts were opened in 2016/17, with an average subscription of £7,200.
Since January this year, 50% of new customer funding into Zopa has been made via its Isa.
- Zopa forms partnership with CommuterClub
- Zopa reports £1.5m profit
- P2PFA member platforms secure over £300m from IFIsa investments
Its IFIsa product now allows transfers-in of Isas from other providers.
Natasha Wear, head of investment products at Zopa (pictured above), said: “These figures are further evidence of [the] fact that people want a reliable alternative to lower-return cash savings products or the volatility associated with investing on the stock market.
“Investing in loans through a robust P2P platform can be a great middle ground, especially when the returns are tax free as with the IFIsa.”
Leave a comment