As our accelerator programme StartPlanetNI, moves on to its last 4 weeks, we put the spotlight on one of the companies Orca Money, two Scottish cousins with a vision. A vision of helping everyday people make more money from their money.
Founders: Iain Niblock (CEO) and Jordan Stodart (CMO)
Orca Money is the no.1 peer-to-peer lending (P2P) comparison service in the UK. Orca aggregates and compares P2P investment opportunities on their impartial, informative and easy-to-use website. The goal? Simple. Help DIY investors make smart investment decisions and receive interest rates in the region 5% per annum avg from lending to borrowers through UK P2P platforms.
Since joining the StartPlanet NI programme in November, the pair have come a tremendous distance. But let’s go back a year and see where it is they’ve come from. Iain and Jordan were previously running a retail bond issuance company, in Edinburgh. It was here that they became more familiar with peer-to-peer lending. Having gained excellent market insight, establishing comparison sites as the lowest costing acquisition channel, the guys decided to venture further into this new and exciting FinTech sector.
The idea was generated in Summer 2015, where it was abundantly evident that no online resources were serving the user base (retail investors) by providing detailed data comparisons and easy-to-digest material, giving the user the confidence to invest in P2P lending. Thus, Orca Money was born.
Orca Money Business Model
Orca operates a referral fee business. They know that their customer acquisition channel is the cheapest and the least risky for the peer-to-peer lenders they list, as they are only paid when a user (retail investor) invests on the underlying businesses website. With 58 UK peer-to-peer lending platforms in operation and the potential to move into other financial products and global markets Orca as poised to exploit other commercial avenues should they wish to.
What makes Orca Money unique?
Peer-to-peer lending is a young industry, it’s 10 years old, but, it has grown exponentially in its young existence. There are now 58 players in the UK, collectively lending almost £4bn having grown YoY over 100% the last few years. This growth is going nowhere. The UK market is set on this upward trajectory for years to come.
What has this got to do with Orca? Well, the problem lies in the confusion surrounding P2P lending. Early adopters, or even those teased by the idea of investing, are confused by the number of platforms in operation. They are confused by the terminology and the products on offer and they lack this confidence to invest. Orca Money illuminates the nuance differences between platforms and products, they simplify the terminology and they empower the investor into making their own investment decisions. No banks, no bias, no advisors. Rather, independent, impartial data and information. No one is doing this effectively at the moment, except Orca Money.
Orca Money three-months achievements
When the guys arrived in Belfast two days before the programme commenced they had no product, no user base and no commercial partnerships with UK peer-to-peer lenders. By now, February 9th, the pair have an MVP featuring comparison table with filters and outputs launched, an abundance of content on-site and partnerships with nine major UK P2P platforms. This means you can visit their site, digest content and browse the numerous lenders listed, empowering you to invest and start earning the rates you deserve.
You can find out for yourself, by visiting www.orcamoney.com.