P2P lending platform Orca has raised £577,280 in an equity funding round to support its ‘ambitious’ growth plans for 2019.
The company has its eyes on a launch of a multi-platform ISA early this year.
Funds were raised via a crowdfunding campaign on the Seedrs site, with more than 400 individual investors contributing. A pre-money valuation for the company during it’s fundraise, which launched in November 2018, was established as £1.7m.
Alongside this, the FinTech received funds from a series of venture capital funds and private angel investors. Some notable ones were TechstartNI, Clarendon Fund Managers, and ESM Investments.
Current ISA rules specify people they can divide their tax-year ISA allowance of £20,000 between ISA accounts, such as cash, stocks and shares, however they wish. Although, they can only subscribe current tax-year subscriptions, making it hard to build diverse portfolios.
Orca’s ISA differs by letting investors hold multiple P2P providers in a single IF ISA. Other benefits include up to 6.5 per cent interest, and tax-free returns.
In addition to the launch of an ISA service, Orca will release a ‘Self-Select portfolio builder tool which will enable investors to implement their own strategies and select only the P2P providers and products they want in their portfolio.
Orca CEO Iain Niblock said, “We’re delighted with the success of our recent funding round, particularly the response from the crowd who really got behind us. 2019 will be a landmark year for Orca as we roll-out new products to fulfil the needs of investors.
“The Orca ISA will be the first multi-platform ISA of its kind, combined with the launch of our Self-Select portfolio builder, we are confident that Orca can develop into the go to platform for peer to peer investing.’
UK-based Orca is an online peer-to-peer lending platform which can offer users the ability to invest across a variety of platforms from a single location. Through the aggregator, users can invest in loans on Choice, LendingCrowd, LendingWorks, Landbay and Assetz Capital.
The company offers investors a cross-platform and borrower diversified portfolio, and a single platform to deposit their funds and monitor investments. Orca handles all of the admin processes on the various investing websites, creating accounts and deploying capital into loan opportunities.
Copyright © 2019 FinTech Global
![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
