March 28 2022

Folk2Folk achieves record year for its IFISA

Michael Lloyd IFISA, Top 3, UK News Folk2Folk, Roy Warren

Folk2Folk is marking a record year for its Innovative Finance ISA (IFISA).

The peer-to-peer lending platform revealed it has seen a 44 per cent annual rise in ISA funds received during the current tax year and said it has seen an inflow of new IFISA customers from Funding Circle, Zopa and Ratesetter.

The specialist lender for UK regional small- and medium-sized enterprises has attracted a cumulative total of over £41.6m in ISA funds since its July 2017 launch with year-on-year growth since.

“In recent times investors haven’t seen any benefit from their ISAs unless it has been with a firm like us paying a generous return,” said Roy Warren (pictured), managing director of Folk2Folk.

“Now, as inflation creeps up, people still value a property-backed investment that offers a fixed return outside the volatility of the stock market.

“An IFISA provides the opportunity to build up investment over time, and this is the time of year when we see people shopping around for a better deal.

“We’re seeing investors move their cash ISAs and stocks and shares ISAs over to our Innovative Finance ISA, attracted by our fixed and stable 6.5 per cent per annum return, no fees, no investor losses to date and the fact their investment is secured against property.”

Earlier this month, Folk2Folk said it was on track to achieve a pre-tax profit of £1.98m for its 2021 financial year, almost double the £1.1m from the previous year.