ArchOver opens IFISA for transfers

ARCHOVER has opened its Innovative Finance ISA (IFISA) for transfers from other providers.

Investors will now be able to move some or all of their funds from old cash and stocks and shares ISAs to the business peer-to-peer platform’s tax wrapper.

ArchOver opened its IFISA to new and existing investors last month.

Accounts can be opened with a minimum amount of £1,000.

“We are excited to be launching our IFISA, a significant new string to our bow which will help our Lenders to really make the most of the attractive rates we have on offer,” Ian Anderson, chief operating officer of ArchOver, said.

“Our goal is always to work to our lenders’ and borrowers’ needs and provide them with the best service possible. Existing lenders will be able to plug straight into the IFISA without needing to re-register, and new lenders will find the platform simple and easy to use.

“This launch is an important part of the ArchOver story, as we continue to build an industry-leading investment platform that combines the best security with highly competitive interest rates.”

It marks a busy period for ArchOver after the peer-to-peer business lender expanded into research and development loans in February.

The London-based firm said it has also now reached £65m of lending.

“There’s a strong market out there for the IFISA, and we’re excited to get stuck in,” Angus Dent (pictured), chief executive of ArchOver, said.

“There’s a strong market out there for the IFISA, and we’re excited to get stuck in.”

Read more: ArchOver seals FCA approval as it closes first dual-loan