P2P supermarket Orca has launched a new individual savings account (ISA), which allows investors to invest in a range of peer-to-peer platforms across the industry for the first time.
The Edinburgh and Belfast-based firm will run two tax-free portfolios, offering investors 4.3 per cent and 5.3 per cent annual returns, based on their risk appetite. Investors can buy into the schemes from £100.
Orca, run by chief executive and founder Iain Niblock, says that overall 200,000 people have invested £15bn into the UK peer-to-peer market.
Earlier this month, peer-to-peer lending platform Ratesetter said it was “blown away” by the popularity of its first ISA product, which has hit £175m of subscriptions a year after launch.
Ratesetter added that the amount of cash invested into its Innovative Finance ISA, currently accounts for one-fifth of its £830m funds under management.
Last month, Orca has raised £574,280 on the Seedrs crowdfunding site in preparation for the launch of its new ISA product.
It was backed by over 400 investors including a number of venture capitalist funds as well as private angel cash. The company sold 22.23 per cent of itself, giving it a pre-money valuation of around £1.75m.
