Funding Circle

£80m lent through Funding Circle Isa

Funding Circle has announced that approximately £80m has already been lent to thousands of businesses through its Innovative Finance Isa (IFIsa).

The Funding Circle Isa was launched to existing investors late last year, and the P2P platform has now opened it up to new investors.

The Isa offers an estimated tax-free projected return of 7.2% and is a flexi Isa which allows investors to take money out of their account and put it back later in the tax year without losing their tax-free entitlement.

There is an initial minimum investment of £1,000 and investors will be able to transfer exiting Isas into the Funding Circle Isa later this year.

“We’re proud of what more than 79,000 investors have achieved over the last eight years by lending through Funding Circle,” said James Meekings, UK managing director and co-founder at Funding Circle (pictured above, centre).

“On average, investors have earned 6.4% per year after fees and bad debt, creating tens of thousands of jobs by supporting businesses all over the UK.

“We’re excited to now offer tax-free access to this stable and attractive investment option.”

Funding Circle recently announced that it had provided £123m worth of lending to UK businesses in March.

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