£144m was put into Revolutionary Finance ISAs (IFISAs) within the 2021/22 tax 12 months, up from £92m the earlier 12 months.
New HMRC knowledge on ISA subscriptions revealed that whole variety of accounts subscribed this tax 12 months was 17,000, in comparison with 16,000 in 2020/21.
Learn extra: Tips on how to spend money on an IFISA with lower than £1,000
The typical quantity invested per IFISA account additionally skilled progress in 2021/22, rising to £8,520 from £5,750 the earlier 12 months.
Learn extra: How liquid are IFISAs?
Whereas the info exhibits progress within the IFISA market in comparison with the 2020/21 tax 12 months, the volumes are nonetheless decrease than earlier years.
£438m was subscribed into IFISAs in 2019/20, throughout 34,000 accounts.
Whole market IFISA values have fallen from £995m in 2019/20 to £781m in 2020/21 and £563m in 2021/22, the HMRC knowledge confirmed.
Nonetheless, the true figures could also be greater, as HMRC famous that “knowledge on IFISAs has low reliability based mostly on not but holding full data from suppliers.”
Learn extra: IFISA curiosity on the rise
Stricter rules, together with investor advertising restrictions, have prompted numerous peer-to-peer lending platforms to pivot away from restricted retail buyers in direction of refined, high-net-worth and institutional cash. Consequently, some trade onlookers have prompt that it will result in much less curiosity in IFISAs, that are a retail-friendly product, with bigger buyers prone to put cash into platforms’ commonplace accounts.
Learn extra: Retail Buyers particular report: The rebirth of retail P2P
The HMRC knowledge additionally confirmed that the money ISA market shrunk in 2021/22, whereas the shares and shares ISA market grew.
There have been round 7.14 million subscriptions money ISAs in 2021/22, a lower from 8 million in 2021/20; and shares and shares ISAs noticed a slight enhance from 3.59 million in 2020/21 to three.9 million the next tax 12 months.
The quantity subscribed within the money ISAs decreased to £30,908m from £36,815m, while shares and shares rose to £34,187m from £33,853m.