CAR leasing firm the XL Group has raised £1m through business lending peer-to-peer platform Crowdstacker, in what is believed to be the first asset finance deal that can be held in an Innovative Finance ISA (IFISA).

XL Group said it will use the investment, backed by 255 Crowdstacker lenders, to bolster its short-term contract hire business.

The firm purchase vehicles at substantial volume discounts, which are then leased on to its individual and business customers for short terms of six, 12 and 18 months.

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