New Orca ISA offers instant P2P diversification
Peer-to-peer analysis firm and platform aggregator Orca has launched the first multi-platform Innovative Finance ISA (IFISA) on the market, with a target rate of 5.3 per cent.
Investors can choose from two different accounts: Orca Pure targets returns of 4.3 per cent by investing in lower-risk, asset-backed loans; Orca Plus targets 5.3 per cent in returns by lending to a greater proportion of unsecured business loans.
Both accounts can be opened with a minimum investment of £100, and withdrawals can be made within 14 days from the Orca Pure account, and within 28 days from the Orca Plus account.
“Over 200,000 people have already invested over £15bn in UK P2P, and our mission is to help even more people achieve the high returns available in P2P investing,” said Orca’s chief executive Iain Niblock.
“Thank you to everyone who has supported us as we’ve been developing the ISA – I, and the entire Orca team, really appreciate it.”
Niblock added that the company is currently working on a self-select portfolio builder, which would allow investors to manually choose which platforms they wish to invest in, and how much they wish to allocate to each one.
The Orca Pure and Orca Plus accounts limit platform exposure to between 10 and 30 per cent, per platform.
Updated: Friday, March 15th, 2019