Orca launches Innovative ISA to help investors access multiple P2P platforms
Orca, the Scottish fintech, announced today the launch of its Innovative Finance ISA (IFISA). It will enable investors to invest across multiple peer-to-peer lenders (P2P) by taking down
Until now, investors were only allowed to one P2P platform in an IFISA each tax year. Should they want to invest in an ISA from different platforms, they had to go through a painful process of creating separate accounts with each P2P platform.
One interesting stat given by Orca is that in order to achieve the same level of diversification enabled through Orca’s IFSA, it would have taken five years as opposed to minutes now. They can now invest in 5 leading P2P platforms at once.
Iain Niblock says: “The Orca ISA is an innovation that can make investing in P2P far more accessible to the wider investing public. It gives them a diversified, highly attractive alternative to Cash and Stocks and Shares ISAs.
“Investor funds are automatically spread across many of the UK’s leading P2P platforms. This reduces exposure to any one platform and distributes investment across a much broader range of asset classes and risks.