Lending Works, the UK’s third largest peer-to-peer platform, has recently announced that its customers have invested £8.8 million into its ISA (Individual Savings Account) since they launched back in February 2017.
The volumes are expected to grow, as the 2017/18 tax years will see an increase in ISA allowance to £20,000.
Peer-to-peer lending is part of a new type of ISA, the Innovative Finance ISA. It was added at the beginning of the 2016 tax year, and is FCA approved.
As a result, Lending Works was the first member ot the Peer-to-Peer Finance Association to release its ISA in February.
If you hold an ISA from previous tax years, there is no limitation to how much you can transfer into your Innovative Finance ISA, and the biggest contribution so far is £154,190.
Almost three quarters of investors are over 50, and 69% are male.
Learn more about the Innovative Finance ISA in the infographic below, courtesy of Lending Works.