RateSetter Isa attracts £100m

RateSetter has announced that its Innovative Finance Isa (IFIsa) has attracted more than £100m in subscriptions in just over four months after its launch.

This marks the third major milestone for the P2P lending platform within the last month, following news that it had generated over £100m in interest for its investors and that they had lent more than £2.5bn to individuals and businesses across the UK.

RateSetter introduced its IFIsa in early February and to date, more than 10,000 RateSetter Isa accounts have been opened.

In addition, the P2P platform has over 500,000 customers, with 60,000 registered investors having lent more than £2.5bn to 470,000 individuals and businesses across the UK.

The average annual return received by investors stands at 4.4%.

Rhydian Lewis, CEO and founder of RateSetter (pictured above), said that the popularity of the RateSetter Isa had exceeded its expectations.

“With the cash Isa in the doldrums, the RateSetter Isa has quickly become a real option for people who are seeking better returns and are prepared to accept some risk.

“We look forward to building on this and welcoming many thousands more investors who want to put their money to work.”

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