RateSetter

RateSetter is a British peer-to-peer lending company based in Bishopsgate, London. The company is known for having introduced into peer-to-peer lending the concept of a "provision fund" – an internal fund which aims to help lenders manage the risk of borrower default, and is generated by borrowers' payment of a "credit rate" fee based on their credit profile. Launched in October 2010, by June 2018 the company had matched more than £2.5bn in loans and had over 500,000 investors and borrowers.[1] As of June 2018, RateSetter claims that none of its individual investors have ever lost money.[1]

RateSetter
Founded2009
FounderRhydian Lewis, Peter Behrens
Headquarters
London
,
United Kingdom
Area served
UK, Australia
ProductsFinancial services
Websitewww.ratesetter.com

History

RateSetter's holding company, Retail Money Market Ltd, was incorporated in October 2009 by Rhydian Lewis, an investment banker from Lazard, and Peter Behrens, a lawyer turned banker formerly of Royal Bank of Scotland.[2] The company was privately funded from the start by angel investors, and raised £13m in a 2017 funding round which took the total amount raised to over £40m.[3][4][5]

In July 2014, it was announced that the British Business Bank would begin lending through RateSetter to support individuals, sole traders or partnerships borrowing for business purposes.[6]

On 7 December 2015, RateSetter moved from Southwark to new offices in Bishopsgate, London.[7]

In July 2017, Paul Manduca became Chairman of RateSetter.[8][9] He is also Chairman of Prudential plc.

RateSetter Australia

RateSetter commenced operations in Australia in November 2014.[10] The Australian branch, with the office located in Sydney, is managed and majority-owned locally, and was the first peer-to-peer lending platform in the country open to retail customers.[11]

In December 2017, it was announced that over AU$200m had been lent via the platform.[12]

Products

Borrowers can apply for a loan for between 6 and 60 months. The company has strict lending criteria, accepting (in 2011) between 12 and 15 per cent of borrower applications.[13]

References
  1. "Data Hub". RateSetter. Retrieved 4 June 2018.
  2. Hurley, James (7 October 2010). "Ratesetter aims to tap social lending growth". The Daily Telegraph. London. Retrieved 10 September 2011.
  3. Martin, Ben (30 May 2017). "Peer-to-peer lender Ratesetter valued at £200m in latest fundraising". The Daily Telegraph. Retrieved 4 June 2018.
  4. Titcomb, James (19 September 2015). "Peer-to-peer lender Ratesetter doubles sales as it targets listing". The Daily Telegraph. Retrieved 3 November 2015.
  5. Hazlehurst, Jeremy (9 October 2013). "New Generation Moneylenders". Management Today. Retrieved 10 September 2011.
  6. Vicki Owen (13 July 2014). "Government-owned British Business Bank to begin lending £10m through peer-to-peer lender RateSetter". This is Money.
  7. Lucy Bott. "We are moving". RateSetter Blog. Retrieved 7 December 2015.
  8. Oscar Williams-Grut. "Fintech lender RateSetter lands FTSE 100 heavyweight as new chairman". Business Insider. Retrieved 4 June 2018.
  9. Elizabeth Pfeuti. "Ex-Deutsche funds chief joins Woodford-backed fintech". Financial News. Retrieved 4 June 2018.
  10. Shaun Drummond. "RateSetter targets Australian 'savers' with new lending website". The Sydney Morning Herald. Retrieved 11 November 2014.
  11. "About us - RateSetter Australia". www.ratesetter.com.au. Retrieved 4 April 2017.
  12. "RateSetter passes $200m | RateSetter Australia". www.ratesetter.com.au. Retrieved 26 January 2018.
  13. "Small but mighty: Online lending's growth market". The Scotsman. 19 June 2011. Retrieved 10 September 2011.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.