The number of women on the boards of top fintech and peer-to-peer companies has been dubbed “disappointing”, despite improvements made by leading companies to make their boards more diverse, according to research reported by AltFi.
Commentators have urged leading fintech and P2P companies to increase their efforts to appoint more female executives and individuals from a BAME (black, Asian and minority ethnic) background as directors.
It comes as research by AltFi shows that 20 per cent of directors across eight leading fintech and P2P companies are female while nine per cent are from a BAME background.
The percentages are an increase on 2016, when eight per cent were female and eight per cent from a BAME background.
However, critics of the fintech industry say still too few women work in the industry, which also has too few female founders.
Yes You Can, rated B, for £30,000 with an 11 per cent fixed yield, is currently 24 per cent subscribed. More loan offerings will land on site soon.
Historical Performance And IFISA Process Guide
That figure is the result of over £19 million of loans facilitated on the site, as we bring individuals looking for a good return on capital together with carefully vetted small companies seeking funds for growth. Bear in mind that lenders’ capital is at risk. Read warnings on site before committing capital.
All loans on site are eligible to be held in a Money&Co. Innovative Finance Individual Savings Account (IFISA), up to the annual ISA limit of £20,000. Such loans offer lenders tax-free income. Our offering is an Innovative Finance ISA (IFISA) that can hold the peer-to-peer (P2P) business loans that Money&Co. facilitates. For the purposes of this article, the terms ISA and IFISA are interchangeable.
So here’s our guide to the process:
The ISA allowance for 2019/20 is unchanged from last tax year at £20,000, allowing a married couple to put £40,000 into a tax-free environment. Over three years, an investment of this scale in two Money&Co. Innovative Finance ISAs would generate £8,400 of income completely free of tax. We’re assuming a 7 per cent return, net of charges and free of tax here.
Once you have made your initial commitment, you might then consider diversifying – buying a spread of loans. To do this, you can go into the “loans for sale” market. All loans bought in this market also qualify for IFISA tax benefits.
Risk: Security, Access, Yield
Do consider not just the return, but the security and the ease of access to your investment. We write regularly about these three key factors. Here’s one of several earlier articles on security, access and yield.