Folk2Folk more than doubles its IFISA take-up this tax year

Folk2Folk has seen its Innovative Finance ISA (IFISA) take-up in the new tax year grow, with volumes more than doubling over the same period last year.

In the first two weeks of the tax year the peer-to-peer lending platform received £2.298m in IFISA funds, a rise from £1.127m during the same period in 2021.

This means the specialist lender for UK regional small- and medium-sized enterprises has now attracted a cumulative total of £45.27m in IFISA funds since its July 2017 launch, with year-on-year growth ever since.

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“Investor uptake of Folk2Folk’s IFISA has boomed in the first few weeks of the new tax year, with volumes more than double the same period last year,” a spokesperson from the platform said.

At the end of March, the P2P platform said it had seen a 44 per cent annual rise in ISA funds received during the last tax year and said it has seen an inflow of new IFISA customers from Funding Circle, Zopa and RateSetter.

During the same month, the specialist lender reported record IFISA account openings and said it was expecting further increases from Funding Circle IFISA transfers.

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