Today, the billionaire who founded low-cost airline Easyjet, Sir Stelios Haji-Ioannou, has launched a financial services business that is called Easymoney in the United Kingdom.
Haji-Ioannou said that the first product of the fintech platform is an Isa that is targeting a 4.05 percent annual interest rate. He says that the platform will offer something new and “take on the big boys.”
The chief executive of Easymoney, Andrew de Candole, stated: “Financial services in the UK are in desperate need of a shake-up. Like European air travel 23 years ago, the Isa market is crying out for someone to give everyday investors more for their money.”
The Innovative Finance Isa of Easymoney will write online peer-to-peer loans that are secured against the property of the customer. The new type of Isa was introduced by the government recently to grant retail investors access to peer-to-peer lending. The firm joins the likes of investment companies such as Lending Works, Octopus, LendingCrowd and a few other firms that currently offer the said product.
Easymoney plans to extend the range of personal finance products that are offered via its fintech platform.