Sir Stelios Haji-Ioannou, the billionaire who founded low-cost airline Easyjet, has today launched a financial services business called Easymoney in the UK.
Haji-Ioannou said the fintech platform's first product, an Isa targeting a 4.05 per cent annual interest rate, that will "take on the big boys" and offer something new.
“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," said Andrew de Candole, the chief executive of Easymoney.
Easymoney's Innovative Finance Isa will write online peer-to-peer loans secured against the customer's property. The new type of Isa was recently introduced by the government to give retail investors access to peer-to-peer lending. The firm joins the likes of investment firm Octopus, Lending Works, LendingCrowd and a few others that currently offer the product.
Going forward, Easymoney aims to grow the range of personal finance products offered through its fintech platform.