Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
Iain Niblock, CEO, Orca Money
June 2 2020

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

Marc Shoffman IFISA, Industry News, News, Top 3 Iain Niblock, IFISA, Jordan Stodart, Orca Money

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.

Learn from the crowd, don’t follow the crowd FutureBricks to launch IFISA in two months

Related Posts

STACKED US QUARTER COINS ON WOODEN TABLE WITH WHITE ILLUSTRATION SHOWS INCREASING OF INTEREST RATES / FINANCIAL CONCEPT

Industry News, News, Top 3

RateSetter to return to full interest for investors

A reminder to Switch Energy Provider on a calendar

Industry News, News, Personal Finance News, Top 3

Zopa launches energy switching and comparison service

Andrew Bailey

Cryptocurrency, Industry News, News, Top 3

Andrew Bailey says cryptocurrencies will not last in their current state

Popular posts:

  • Everything we know about the CBILS successor scheme (so far)
  • Banks begin freezing accounts suspected of bounce…
  • RateSetter outlines benefits of debt consolidation loans
  • LendInvest bond value lost £5.8m during pandemic
  • Peering into the crystal ball: Industry predictions for 2021
  • Losses narrowed at Lending Works before Intriva takeover
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by