FCA authorised peer-to-peer platform Crowdstacker has announced the full details of its new Innovative Finance ISA ahead of next week's launch.
The Crowdstacker IFISA will enable investors to take advantage of earning tax-free interest on any of the investments featured on the platform.
Currently, this includes Amicus and Quanta, which are offering up to 6.8% over a choice of terms.
Karteek Patel, CEO of Crowdstacker, said:
“Our investors to date have secured rates of return of around 5-7%, and now we can offer this in ISA format so they can also reap the tax efficiency benefits.
“Our method is to offer a curated list of businesses which have passed our stringent due diligence process and are able to offer a variety of security back-ups to investors. So, unlike some other platforms in the P2P space our process isn’t about spreading risk across a number of more volatile businesses.
"Instead it is about investors choosing an investment opportunity that suits them and their individual circumstances, from amongst a small selection of solid British businesses with strong security. In that way it’s a bit more like a stocks and shares ISA, where you pick and choose your investments.”