Orca launches multi-platform IFISA

PEER-TO-PEER aggregator Orca has launched its first ISA offering, which will allow investors to earn up to 5.3 per cent in tax-free returns by investing across multiple P2P platforms.

The Innovative Finance ISA (IFISA) includes loans from Assetz Capital, Landbay, LendingCrowd, Lending Works, and Octopus Choice.

It can be opened with a minimum investment of £100, and users can choose from two different P2P portfolios which group together loans of varying degrees of risk. Orca Pure targets returns of 4.3 per cent, by investing in lower-risk, asset-backed loans. Orca Pure account-holders can withdraw their funds within 14 days.

The other portfolio – Orca Plus – targets 5.3 per cent in returns by investing in a greater proportion of unsecured business loans. Withdrawals from this account will typically take up to 28 days. Both accounts are ‘invest until maturity’ products, although an income option is in the pipeline.

A self-selecting IFISA is also currently in development.

“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 Iain Niblock, chief executive of Orca.

“Thank you to everyone who has supported us as we’ve been developing the ISA – I, and the entire Orca team, really appreciate it.

“We are still working on the self-select portfolio builder and hope to have an update soon. In the meantime, thank you to everyone.”

Orca’s ISA investors will be able to monitor their overall portfolio in one place, using the Orca dashboard.

Orca first announced that it was working on a multi-platform IFISA in October 2018, and it opened up a waiting list for potential investors in December of last year.

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