Orca to launch new ISA after funding boost

Published: 21 December 2018

An Edinburgh fintech has landed close to £600,000 in fresh funding to deliver its ambitious development plans, including the launch of a “first of its kind” individual savings account (ISA) in the new year.

Orca, which enables savers to spread their investment across several peer-to-peer (P2P) lenders, raised £574,280 via crowdfunding platform Seedrs, a number of venture capitalist funds and private angel investors. 

We’re delighted with the success of our recent funding round...2019 will be a landmark year for Orca as we roll-out new products to fulfil the needs of investors...

Iain Niblock, Chief Executive, Orca

 

Notable contributors to the funding round include Northern Ireland’s TechstartNI and Clarendon Fund Managers, as well as Scotland’s ESM Investments, an angel investment network comprised of more than 80 high-net-worth individuals investing in early-growth-stage technology businesses.

Orca will use the cash boost to fuel its expansion plans, which include extending its range of integrated lenders and launching the Orca ISA early next year. Described by the fintech as the “first of its kind in the market”, the account is designed to capitalise on the popularity of innovative finance (IF) ISAs, which use an ISA wrapper for tax-efficient investing. 

Following their launch in April 2016, the number of new IF ISAs grew more than five-fold in the tax year to March 2018, with some 31,000 opened during that time...

Full story via The Scotsman News

 

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