Orca launches industry-wide peer-to-peer platform ISA

By Roger Baird on Friday 22 February 2019

Alternative Lending

The P2P supermarket’s ISA allows backers to invest across a range of peer-to-peer platforms for the first time.

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.

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