Peer to peer (P2P) lending specialist, Orca Money, has today launched its latest fundraising campaign on crowdfunding platform Seedrs.
The investment aggregator is seeking to raise £500,000, which will be used to realise the firm’s mission of becoming the hub for alternative lending. The funding will also be used to support the company’s plans for a European expansion.
The P2P lending market has grown at a rapid rate, with over £12 billion cumulatively lent across platforms since the asset class was created in 2005 – four billion of which was in 2017. Orca Money has now opened the crowdfunding campaign to the wider public and is seeking financial support so that it can address a number of strategic objectives such as growing its customer base, integrating with more lenders, enhancing its product features and further developing its research service.
As the P2P market has taken off, the landscape has grown to over 30 P2P lending platforms in the UK, all vying for business in a limited pool of retail investors, thus creating a complex market. This cash injection would help Orca Money to further develop and differentiate its offering.
Orca Money Will Integrate with More Lenders
Iain Niblock, CEO of Orca Money, said: “We believe that aggregation is the next logical step for alternative lending. We are concentrating on developing our product to deliver greater value to our customer base. This includes integrating with more lenders. We’re excited for the road ahead and encourage people to come and join the Pod!”
In March 2018, Orca Money extended its services, allowing investors to research, invest, build and manage portfolios across the P2P market. Investors earn returns, diversify risk and save time. Five platforms are currently included on Orca Money’s platform: business lender Assetz Capital, consumer loans provider Lending Works, buy-to-let mortgage lender Landbay, property lender Octopus Choice and consumer lender Lending Crowd. It has 11 more in the pipeline.