Lending Works, a peer-to-peer platform, has pulled in about £9m into its Innovative Finance ISA (IFISA) in its initial three months.

The consumer loans supplier has recorded £8.8m of memberships into its IFISA since launching the product in February, with 815 investors lending an average of £10,769.

Nick Harding, Lending Works’ founding chief executive, said 62% of IFISA funds originated from new memberships, while the rest of it was transferred from different ISAs, including cash ISAs, stocks and shares ISAs and even some from different IFISAs.

The information additionally demonstrated that nearly a quarter of IFISA funds invested came from people aged 65 and above while men represented 69% of aggregate IFISA investment.

Harding stated: “It has been exceptionally promising to see banks utilising Lending Works over the heap of different ventures accessible to them this ISA season.”

“Large portions of our money lenders are inconceivably experienced, insightful financial specialists, and to make them vote so determinedly with their feet for the Lending Works ISA discloses to us that a brilliant future lies ahead.”

He forecasted that IFISA would help the platform produce more than £100m every year to develop the business.

The platform, which enables investors to pick between a three percent and a five percent return rate on loans of equal time span, needed to grow its IFISA inflow cap to £5m in February after drawing in about £1.5m funds within the first 24 hours of the launch of its tax-exempt wrapper.

Peer to peer lending is making a real impact this year and the FCA (Financial Conduct Authority) seem to be embracing change too as more applications are finally being approved to boost the crowdfunding sector