Zopa customers invest more than £100m in its Innovate Finance ISA

Zopa, the pioneering financial services company, has today revealed that its customers have invested more than £100m in its Innovate Finance ISA (IFISA) products*.

In contrast to the 2016/17 tax year when the amount invested by retail investors into the entire IFISA market reached £17m**, Zopa customers have already invested six times that amount.

Zopa says that in recognition of hitting the £100m milestone, it is pleased to offer its customers a cashback offer as a recognition of their loyal support. Between 24 April and 8 May, both new and existing customers can earn up to £200 cashback on new money they invest with Zopa.

Zopa launched its IFISA to existing customers in June 2017, before opening to new customers in January 2018. Over 12,000 customers have opened an IFISA account with Zopa since the products launched.

Since the start of 2018, 60% of new customer funding on the Zopa platform has been into its IFISA products.

Andrew Lawson, Chief Product Officer at Zopa, commented: “Since launching in June, more than 12,000 customers have chosen to open an IFISA with Zopa, benefitting from a better return on their investments in exchange for a bit more risk.

Reaching the £100m milestone shows that there’s a strong appetite amongst our investors for an IFISA product that sits in the sweet spot between lower return cash ISAs and potentially volatile stocks and shares ISAs.”

*£100m is the amount Zopa customers have invested into new Zopa IFISA accounts. Transfers of previous’ years ISAs, and interest earned on IFISA money, is not included

Author: Yash Hirani

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