Orca money

Anyone used orca money?

They combine investments across P2P lending platforms in a single ISA. Sounds like a convenient way to spread your money, but I’m not immediately convinced by the fees, once I found them…

The fees are the thing that would bother me, when you account for the fees, there are other better options about for investing.

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Where are the fees?

I can’t find them

That’s the point the fees are not clear. At the bottom of the page it says * Indicative rate calculated as a weighted blend of the underlying P2P advertised rates. This is a gross rate which will be subject to a annual 0.65% servicing fee after April 2020.

Also if you have other accounts with them, Withdrawing from the platforms often incurs fees. The average is approximately 0.35% of the value being withdrawn but this depends on your portfolio.

There are a few fees hidden across the site.


Doesn’t their entire concept defeat the point of their concept? You want to de-risk by investing across multiple platforms, so if one goes down you don’t lose it all. But they want you to go through them as a new single point of failure.

I would just use their published weightings and invest via each constituent site myself, if I were so inclined.

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For anyone else reading, a bit more information on fees can be found here

And information on how money is spread across underlying platforms here

I’m also not sure the level of fees justify the convenience of having someone else spread your money across platforms, but I’m sure it will appeal to some

Their website does seem to have some potentially helpful educational content though, e.g.

Something to check as I haven’t looked in detail but I would expect they have structured it so that if Orca went down you would not lose any money. I would expect that money would be held at the underlying platforms in your name.

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Yes, one would hope. But you would hope that the P2P platforms being used here also have good structures where your contract is with the people you loan to, not the platforms.

What you’re seeking to do is avoid the complete disaster of all your investment being tied up with administrators and waiting for the loans to be picked up and managed by someone else when a platform goes down.

Putting a 3rd party between that is just one more headache and way for things to go wrong.

I agree getting another party involved is hardly going to make it simpler when things go wrong.

I’d really love a platform that just pulled the data from your accounts to one place via API. Looks like EMMA is going to do that eventually.

Then the only benefit to Orca is having a single ISA across the platforms, which I think might be more important to bigger P2P lenders.

Would be interesting to see how their ISA platform actually works.

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Yes - and this is potentially useful because ISA rules make it difficult for individuals to diversity across platforms themselves (the rule that you can only subscribe to one IFISA in a given year).

I know it’s not impossible to achieve IFISA platform diversification in short space of time as you can do it by transferring previous year subscriptions to several P2P platforms (this is what I have done). But it depends on you having previous year subscriptions you’re willing to use for this.