Six weeks since launching their Innovative Finance ISA (IFISA), Growth Street has seen one million pounds deposited into its tax-free account, and it’s not even ISA season.
Growth Street’s 179 ISA investors have enthusiastically taken up the offer of an annual return of 5.8%, payable at the end of the one-year fixed term. They had the option of either investing between £10 and £20,000 of this year’s ISA allowance, or transferring in as much as they like from any of their existing ISA accounts.
The company’s new ISA offering sees investors lend to support the same portfolio of businesses as those invested in their classic account.
Greg Carter, CEO of Growth Street said, “Hitting the million-pound ISA mark so quickly is not only a great success story for Growth Street, but for the IFISA itself.
“To do it outside the scramble of ISA season, and at a time when peer-to-peer lending has had a tough time in the press, this milestone reflects the market’s appetite for innovative investment options.
“We are transforming the business overdraft to support Britain’s SME community, but we only do this after robustly assessing the risk to the investors on our platform. By combining experienced underwriters and our unique credit decisioning tool, which is powered by the data from accounting software and Open Banking – we are able to act as responsible custodians of our investors’ money.”