Peer-to-peer investment aggregator Orca Money is winding down, blaming regulatory changes and a shift in market sentiment.
It said “high customer acquisition costs…were unsustainble” and that regulatory changes “made the firm’s retail aggregation structure unfeasible”.
It said after closing its retail arm last October, it attracted some interest from institutions but not enough to sustain the business.
Further attempts to establish a profitable business model were made increasingly difficult due to a
significant shift in market sentiment over the past two years, Orca said.
“For these reasons, the board has taken the deeply disappointing conclusion that the business, in a solvent position, should be wound up,” the firm said.
“It is a deeply disappointing outcome,” said chief executive Iain Niblock (pictured).
“I’d like to personally thank all of our customers and those in the industry who have supported us over the years.”