Assetz Capital pulls in £10m to 90-day account in one week

The platform, one of Europe’s largest peer-to-peer lenders, topped £700m of lending earlier this month.

Peer-to-peer business lender Assetz Capital said it has pulled in almost £10m into its 90-day Access Account just a week after its launch.

The Manchester-based firm said the new account targets returns of 5.75 per cent a year, adding that investors can also take advantage of one per cent cashback offer on all new funds invested into the account, payable in 90 days from the start of the promotion.

The platform said that when viewed as an annualised rate of return, the cashback offer equates to four per cent interest per year, which effectively boosts the product rate to 7.75 per cent for the initial three-month period before it returns to 5.75 per cent.

Assetz Capital co-founder and chief executive Stuart Law said: “Our current one per cent cashback offer is a fantastic boost to investors’ returns for our recently launched 90-Day Access Account and is on top of its attractive introductory interest rate of 5.75 per cent.”

Earlier this month the business said its lending had topped £700m “as the appetite for alternative forms of finance continues to rise across the UK” since its launch in 2013.

Assetz Capital, one of Europe’s largest peer-to-peer lenders, added that it expects to make £17m in sales this financial year. 

Assetz Capital said the former Royal Bank of Scotland banker left the business with “immediate effect” to “pursue new external opportunities”, last September.