UK-based peer-to-peer lending platform Assetz Capital reported last week that its 90-day Access Account secured £10 million during the first week of launch.
According to AltFi, Assetz Capital’s Access Account targets returns of 5.75% a year, adds that investors can also take advantage of 1% cashback offer on all new funds invested into the account, payable in 90-days from the start of the promotion. The Account’s cashback offer equates to 4% interest per year, which effectively increases the product’s rate to 7.75% for the initial three-month period before it returns to 5.75%. While sharing more details about the Account, Assetz Capital co-founder and chief executive Stuart Law, stated:
“Our current 1% cashback offer is a fantastic boost to investors’ returns for our recently launched 90-Day Access Account and is on top of its attractive introductory interest rate of 5.75%.”
The success of the Access Account comes just weeks after Assetz Capital surpassed its £700 million lending milestone. Assetz Capital co-founder and chief executive Stuart Law, shared at the time:
“While this is an impressive milestone, there is still plenty of capital to invest. We’re constantly looking to develop our product range to match the changing needs of business owners, and we will remain committed to serving ambitious small and medium-sized enterprises and property developers that struggle to obtain funding through traditional means.”
Founded in 2012, Assetz Capital describes itself as a provider of alternative funding sources to SMEs and property developers. It claims to be one of the fastest growing peer-to-peer lenders in the UK.