By Oliver Smith on Monday 20 April 2020
Pivot away from retail investors for the multi-platform peer-to-peer investment service was ultimately unsuccessful.
Orca Money, one of the first services to allow peer-to-peer investors to lend across multiple platforms, has announced its closure.
Orca pivoted away from retail investors and towards institutional investors in 2019, as much of the peer-to-peer lending sector did, but Niblock says this decision was ultimately unsuccessful.
“Although we did get some level of traction it was not enough to sustain the business,” he writes.
“Further, our attempts to establish a workable business model have been made increasingly difficult due to a significant shift in market sentiment against peer to peer lending in the past two years.”
As an early cheerleader of the peer-to-peer industry Orca raised over £575,110 through a crowdfunding campaign in 2018 and innovated with developments like its multi-peer to peer lending ISA last year.