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Lendy widens access to wealth product ahead of IFISA launch

05/09/2018 • news

THE MINIMUM investment on the Lendy Wealth account has been cut from £50,000 to £10,000 just weeks after launch, as the peer-to-peer property platform prepares to launch its Innovative Finance ISA (IFISA).

The move had prompted investor queries over the popularity of the product, but Lendy told Peer2Peer Finance News that the new minimum investment amount allows people to use their ISA allowance better with the Wealth account. Furthermore, many people could only transfer £10,000 at a time online due to their banks’ restrictions.

“The product launched during Lendy Cowes week and the take-up has been steady but increasing everyday,” a spokesperson for Lendy said.

“In summary it has been a very positive start.”

Lendy is expanding into the auto-investment space with two products aimed at high-net-worth investors, under its new brand Lendy Wealth.

The Lendy Wealth365 account offers returns of up to 10 per cent per annum for a 365-day access account.

The other product is Lendy Wealth60, which allows money to be accessed in 60 days and offers a return of six per cent per annum.

Money is invested in a diversified and managed property investment portfolio, in accordance with Lendy’s standard lending criteria. The portfolio will be managed by a dedicated account manager.

This is Lendy’s first foray into auto-investing, after issuing a survey to its customers to establish how much interest there would be in the product.

Read more: Lendy continues hiring spree