Folk2Folk, a localized peer to peer lending platform, is reporting a “record year” regarding its Innovative Finance ISA (IFISA) offering during 2019. The company states that it accepted £10.5 million in IFISA investments, more than double that of the previous 18 months.
Folk2Folk says that since introducing its IFISA in July 2017 it has attracted £19.4 million in new and transferred ISA funds.
Roy Warren, Folk2Folk Managing Director said they have been very pleased with the performance of the
“Such consistent and reliable growth marks a strong indicator for the year ahead and I am confident 2020 will see a continuation of this growth,” commented Warren in a release. “Our peer to peer loan investments offer interest rates of between 5.5% – 9% and all are eligible for our IFISA tax wrapper. This level of interest rate for secured loan investments, combined with the fact our investors can choose where their money goes and know they’re having a big impact on rural businesses, makes the Folk2Folk IFISA a very attractive investment proposition from both a financial and ‘feel good’ perspective.”
During 2019, Folk2Folk topped £331 million in lending volume while completing its largest deal to date at £10 million. It is important to note that Folk2Folk has experienced zero losses for investors – an impressive metric. Folk2Folk is a hybrid peer to peer lender that maintains physical locations in multiple cities and targets localized SMEs as well as investors.