Wealth Club has become the first company to facilitate VCT applications online, processing a £50,000 application for the Pembroke VCT.
The new online process means investors can now find out about a particular VCT and invest in it on the same day, which Wealth Club says is paramount due to capacity constraints which saw VCTs selling out in less than 48 hours last tax year.
Demand for VCTs has been at the highest levels for a decade, raising £542m in 2016/2017.
Alex Davies, CEO and founder of Wealth Club says: “Despite the increasing popularity and the fact that VCTs are often invested in fast growing technology companies, the VCT industry itself is arguably stuck in the age of the paper and pen.
“To invest, investors are often expected to wade through encyclopedia size prospectuses and fill out long and difficult to complete paper application forms. It means that those who want to apply have to be really determined to do so. Our new online application process begins to bring VCTs into the 21st century”.
He adds: “It doesn’t matter whether you are 40 or 80, more and more people expect to be able to transact all their financial affairs online. It has always amazed me that the part of the industry we are in is so behind in this respect”.