Fintech platform Oranj is “winding down operations” as of year-end, a spokesperson for the company told ThinkAdvisor Wednesday.
Oranj’s decision to cease operations was announced to its advisor clients on Monday, the spokesperson said. The platform provider opened its doors in March 2014.
Relationship managers at Oranj have been in touch with the firm’s 500-plus advisor clients to help them transition to other fintech firms. Current Oranj competitors include Envestnet, Orion, Riskalyze and AdvisorEngine.
News of Oranj’s closing, first reported by Financial Planning, prompted responses on Twitter.
Scott Salaske, CEO of Firstmetric, tweeted: “This is the problem with a lot of the new #FinTech solutions/companies. They have great and promising products, but can’t compete with the big dogs and the big dogs are not good and often have old technology solutions. Sad!”
Jeff Levine, tax specialist with Kitces.com and Buckingham Wealth Partners, tweeted: “ Ouch. Oranj giving advisors just 6 weeks to find replacement technology. In normal times, making the shift to new rebalancing software in that short a span would be tough… But on top of year-end planning? And w/ holidays? During a pandemic?”