Orca Money enters ‘solvent liquidation’ with £56,000 in the bank

Orca Money has officially entered liquidation after announcing plans to wind down in April.

The former peer-to-peer investment aggregator and Innovative Finance ISA (IFISA) provider said this is a “solvent liquidation” and all known creditors have been or will be paid in full.

The liquidation is being managed by HNH Partners.

Companies House documents show the company closed with £61,526.37 in the bank and was owed VAT of £1,000, giving it assets of £62,526,37.

There are no unsecured creditors listed and the only liability is the £6,498.88 cost of liquidation.

This has left a surplus of £56.027.49.

Orca was founded by Iain Niblock (pictured) and Jordan Stodart as a P2P research firm in 2015, before expanding into an investment platform in 2018 and launching an IFISA in 2019 that invests across a range of P2P platforms.

Stodart left in March 2019, leaving chief executive Niblock to run the business.

Orca said “high customer acquisition costs…were unsustainable” 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.