Orca Money

Orca Mulls First Multi-Platform Innovative Finance ISA

Peer-to-peer (P2P) investment platform Orca is considering an Innovative Finance ISA (IFISA) launch as part of its expansion plan.

If successful, the Orca IFISA would be the first to allow investors to access multiple P2P platforms under one ISA wrapper.

Orca offers an aggregate service, where users are able to invest in a number of different P2P lenders with one click. However, to date the firm has been unable to offer IFISA wrappers to its customers due to a rule which states that UK taxpayers can only invest in one IFISA product per tax year.

However, as an investment platform which specialises in alternative lending, Orca could be eligible to become an ISA manager, paving the way for the UK’s first multi-platform IFISA.

The IFISA news comes after Orca raised more than £575,000 through a crowdfunding campaign on Seedrs. The firm exceeded its £500,000 funding target in just two days, and plans to use this money to grow its customer base, integrate with more lenders, enhance its product features, develop its research service and build the product for European expansion.

“Our target customer group are retail investors who are searching for yield,” said an Orca spokesperson. “They understand alternative investments like P2P exist, but find it frustrating to invest as the market is fragmented and diverse. We allow people to deposit funds, build portfolios and monitor their investments. Our service reduces risk through diversification, enables returns and provides easy access to the market.

“As we grow we aim to evolve into the hub for alternative lending. This will enable us to fulfil our vision of driving the mainstream adoption of alternative lending.”

Originally Published: Monday, November 12th, 2018
Updated: Tuesday, November 27th, 2018

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