The P2P aggregator business completes its crowdfunding plans and prepares to launch a multi-platform ISA with the cash.
P2P supermarket Orca has raised over £500,000 and plans to use the cash to launch a multi-platform ISA, which it says paves the way for a “landmark year”.
The Edinburgh and Belfast-based firm raised the funds on the Seedrs crowdfunding site from over 400 investors including a number of venture capitalist funds and private angel cash.
In total Orca raised £574,280 in exchange for 22.23 per cent of the company, giving the business a pre-money valuation of around £1.75m.
Orca chief executive Iain Niblock said: “We’re delighted with the success of our recent funding round, particularly the response from the crowd who really got behind us.
“2019 will be a landmark year for Orca as we roll-out new products to fulfil the needs of investors. The Orca ISA will be the first multi-platform ISA of its kind.”
He added: “We are confident that Orca can develop into the go to platform for peer to peer investing.”
The firm said the ISA, due to be launched “early” this year, offers a number of features such as allowing savers to diversify ISA money across multiple P2P providers, as well as offering interest up to 6.5 per cent.
Orca added that notable investors in the fundraising included Northern Ireland’s TechstartNI, Clarendon Fund Managers, as well as Scotland’s ESM Investments, an angel investment network comprised of more than 80 high-net-worth individuals investing in early-growth-stage technology businesses. The crowdfunding launched in November and was completed in the third week of December.
Join AltFi at their fourth annual Australasia Summit to examine the future of lending in Australia. Where we present best practices across, technology, partnerships, open banking, governance, data access, consumer experience, capital markets & funding, the role of government and regulation.