United Kingdom fintech provider Goji has launched with a specific focus and impressive client list.
Goji’s initial focus is on the Innovative Finance Individual Savings Account (IFISA), a tax-free savings account similar to Canada’s Tax-Free Savings Account. They manage the administration of peer-to-peer platforms such as Landbay, ArchOver and Assetz Capital.
It is hoped that by simplifying the process, many people will choose to devote some or all of their £15,240 allowance to peer-to-peer platforms.
P2P’s fill an important void in the savings scheme, Landbay COO Julian Cork said.
“Cash ISAs make up a significant proportion of annual subscriptions but they offer some of the worst historic rates this year. So far the only alternative has been the volatile world of stocks & shares ISAs.
“Landbay’s ISA will provide a refreshing solution, backed by British property and offering solid returns of up to 4 percent.”
Assetz Capital CEO Stuart Law explained the range of returns investors can expect.
“Investors in our IFISA accounts will see typical returns of between 3.75 percent and 10 percent per annum, according to the lender’s choice of account and their attitude to risk. There are three accounts on offer but we believe our unique Quick Access Account at 3.75 percent will prove to be the most popular.”
Mr. Law added all Assetz loans are backed by property and other securities typically worth 150 percent or more of the loan value.
Goji has attracted more than £400,000 of investment from angel groups including Cocoon Wealth.