Orca Money successfully secured £280,000 during its seed funding, which was led by TechStart NI. Participants in the round included Halo NI EIS Fund and private investors. Incorporated in 2015 by founders, Iain Niblock and Jordan Stodart, Orca Money is based in Belfast. The company boasts itself as the number 1 peer-to-peer (P2P) lending comparison service in the UK. It was noted:
“Orca aggregates and compares P2P investment opportunities on their impartial, informative and easy-to-use website. The goal? Simple. Help DIY investors make smart investment decisions and receive interest rates in the region 5% p.a avg from lending to borrowers through UK P2P platforms.”
Some of the platforms Orca Money compares include Lending Works, Wellesley & Co., RateSetter, Zopa, Landbay, Assetz Capital, and Saving Stream. The company is also backed by Invest Northern Ireland, StartPlanetNI, techstart, and xcell Partners. Speaking about Orca Money’s growth and development, Niblock reportedly stated:
“Peer-to-peer offers investors higher, more stable returns. It’s an asset class knocking on the door of being mainstream, with massive growth potential through the Innovative Finance ISA. We’re excited to be developing tools to help investors and IFAs benefit from peer-to-peer and the investment in our business will help us to continue to grow.”
Paul Clancy, Manager of Halo at Catalyst Inc went on to add:
“We are delighted that the final investment of Halo NI EIS Fund has gone into Orca Money. The investment has been made following experienced investors such as TechStart NI and Alex Lee, leader of the NI Fintech Syndicate. With alternative finance to businesses expected to grow to over £13.6bn by 2020, Orca Money’s platform will allow retail investors to make smarter decisions.”
Orca Money is planning to use the funds to build on its peer-to-peer lending focused financial media site, ‘Orca Retail,’ which is scheduled to open in early 2017.