About Us

RateSetter was launched in October 2010, and is growing rapidly. It is one of the biggest peer to peer lending businesses in the UK and is a founding member of the Peer-to-Peer Finance Association. We are a privately-owned business with long term shareholders and are based in Southwark, London.

On this page:
Meet RateSetter
Who we are
Non-Executive Directors
Working with RateSetter

Monthly Access

  • Fund 6-12 Month Loans
  • Access max 30 days
  • Repaid at Term
Last Matched Rate
2.5 % annualised

1 Year Bond

  • Fund 1-2 Year Loans
  • Access max 12 months
  • Repaid at Term
Last Matched Rate
3.5 % annualised

3 Year Income

  • Fund 3 Year Loans
  • Repaid in 36 monthly instalments
  • Choose a reinvestment plan
Last Matched Rate
4.8 % annualised

5 Year Income

  • Fund 4-5 Year Loans
  • Repaid in 48-60 monthly instalments
  • Choose a reinvestment plan
Last Matched Rate
6.3 % annualised

Contact RateSetter

If you have any questions, suggestions or feedback please feel free to get in touch.



Recognised By:

Credit Today Winner 2013
Hallmark Innovation

Meet RateSetter

RateSetter is a simple concept. Creditworthy Borrowers want a low cost loan. Smart Savers want a better return. We match them up and ensure everyone gets what they've been promised.

Savers lend money to a bank. The bank then lends it to other people. The bank gets a great return from the Borrower, and gives a small interest rate to you. RateSetter was launched in October 2010 to offer an alternative to those Savers who are looking for a fair return on their money, and to those Borrowers who want a simple, low cost loan, delivered with an old-fashioned idea of customer service.


RateSetter is not a bank. We help ordinary people lend and borrow money. Borrowers say how much money they need, then they set the interest rate they’re happy to pay. Savers say how much money they want to invest, then they set the interest they’re happy to receive. We simply match them up.

You decide the rates. We do the rest.

The rest is just like what a high street bank would do. We check our borrowers and lenders are who they say they are. We check a borrower’s creditworthiness. We match a lender’s savings to a borrower’s loan. We deal with all the paperwork and payments. All this happens behind the scenes – and we charge our borrowers and savers a small fee for it.

We can't say what our rates are because we let you – our borrowers and lenders – decide. You choose when rates go up. You choose when they go down. And by bringing you together directly, everyone gets a better deal. Rates that are lower than the norm if you’re a borrower, and higher than the norm if you’re a saver.

We’re not the first company to offer peer-to-peer lending but our way of doing things was different from the start and we are now amongst the largest in the world. The RateSetter way is designed to match what you want quicker and give you greater flexibility. It's allowed us to ensure that everyone has received everything they have expected.

Of course, we’ll always need banks. But there will always be other ways, too. Better ways for people to save and borrow. Ways that question how things have always been done and shake them up.

RateSetter is the other way.


Who we are

RateSetter was launched in late 2009 by Rhydian Lewis who after working closely with banks in his role at Lazard felt the opportunity for peer-to-peer lending was ripe. He was soon joined by Peter Behrens, who practised as a solicitor at Ashurst, before joining RBS as a banker. They set about establishing the principles behind RateSetter, and succeeded in raising seed funding from angel investors in April 2010. They moved into RateSetter's offices in the heart of London, in Southwark, just behind the Tate Modern.

In the spring of 2010, Rhydian and Peter were joined by CTO John Gillespie, a veteran of a number of start-ups, including Figleaves.com.

RateSetter was officially launched in October 2010 and quickly set about acquiring customers. After seeing the proposition live, Rhydian and Peter were able to raise more investment allowing them to plan out the next stage. In August 2011, it was a founding member of the Peer-to-Peer Finance Association, the body formed to bring common standards to the industry. In November 2011 it completed a third round of funding for its next stage of growth.

In June 2013, RateSetter raised a further £5 million, taking the total amount of equity invested in the company to £8 million. The funds will be used to ensure RateSetter is well capitalised and is in a position to invest. The investment came from the site’s existing shareholders, who include Peel Hunt founder Charles Peel, fund manager John Chatfeild-Roberts and ex-Lazard chairman Ken Costa, and a new Hong Kong-based investor - all of them are long-term equity backers. In July 2013, the management team were joined by Kevin Allen from Mastercard Advisors to be Chief Risk Officer and Harry Russell from KPMG to be RateSetter's CFO.

Rhydian Lewis, Founder and CEO

Rhydian Lewis Like you, P2P pioneer Rhydian Lewis has seen the traditional financial institutions continuously fail to deliver for the modern age. Rhydian has long thought there is a better way and has actively developed a credible challenge to the establishment.

Having worked at Lazard, one of the most established names in finance, Rhydian had a keen understanding of banking. He believed there was an opportunity to narrow the gap between what savers could earn and what borrowers could pay - to deliver both sides a better deal in a simple way. It was RateSetter that first introduced many of the key aspects of "peer-to-peer lending" - not least the RateSetter Provision Fund which was a world first and has allowed RateSetter to return every penny to every saver. Rhydian has established RateSetter as an innovative driver of the FinTech sector, helping to define the face of modern finance.

Rhydian sits on the Board of RateSetter.

Peter Behrens, Co-Founder and COO

Peter Behrens Peter trained as a lawyer at Ashurst, before leaving to join RBS as a banker.
As COO, Peter leads the business development of RateSetter as well being responsible for the company's day-to-day operations.

"I qualified as a solicitor in the City with a firm called Ashurst and spent 6 years learning my legal skills. I then moved into banking with RBS and more recently with Laxfield Capital. Banking was interesting and even fun, but, ultimately the appeal of being able to shape an innovative new company was incredibly appealing.

Rhydian approached me with his vision of how peer to peer finance could be simplified and the difference we could make and his argument was so compelling that I had to get involved. Having worked in the banking industry we were both familiar with the inefficiencies of the big institutions and so we have tried to give people a tool that can work better than the centuries-old status quo and I think RateSetter really is that tool.

The success of peer-to-peer feels inevitable, the internet is breaking down all sorts of barriers and now it has given us an opportunity to change the way people interact with the banking system the decision to use peer-to-peer finance has become an easy one to make for those who take the time to consider it."

Peter sits on the Board of RateSetter.

John Gillespie, CTO

Peter Behrens

John has co-founded or worked as CTO for a number of Internet startups in sectors as varied as peer-to-peer content creation, mobile location-based application development, online retailing and publishing.

He first met Rhydian and Peter in November 2009 and joined RateSetter in the spring of 2010.

He has also filed a number of patents in areas as diverse as digital image processing, pattern recognition, mobile location identification and of course peer-to-peer finance.

John manages a team of developers.

Ian Cruickshank, CMO

Peter Behrens Having worked as an advertising expert with several of the big banks Ian was inspired by the purity of the P2P lending concept and how it strips out the cost and inefficiencies of traditional finance passing benefits onto consumers. Such was the strength of the RateSetter proposition and business model that Ian was compelled to leave the advertising agency world and join the team that is helping define the face of modern finance.

Before specialising in financial marketing, Ian worked with a multitude of leading brands winning many awards and driving business for the likes of VW and General Motors through to the NHS, RAF, GSK and First Choice.

Ian’s focus on customer benefit is a perfect match for the RateSetter ethos and will be instrumental to the growing success of the business.

Kevin Allen, CRO

Peter Behrens RateSetter’s end to end credit process will be a key contributor to RateSetter’s development. Kevin joins from Mastercard Advisors, Mastercard’s advisory consultancy, where he has been advising on risk and fraud management throughout Europe.

Prior to this, Kevin spent 7 years within Lloyds Banking Group including Goldfish Bank and 4 years with FICO, a global leader in risk analytics and decision making.

Kevin has 20 years of wide ranging experience in risk management of consumer lending, as well as in Audit, Risk and Compliance functions.

Harry Russell, CFO

Peter Behrens Harry joined RateSetter from KPMG, where he spent seven years in their financial and operational restructuring team working across the aerospace, automotive, health, manufacturing and retail sectors.

Prior to that, he spent three years in the audit team at PwC, where he qualified as a Chartered Accountant.

Harry runs RateSetter’s finance function, including day to day management, with a focus on ensuring long term strategic profitability for the business.

Harry joined the team in 2013.

Lucy Bott, Head of Customer Services

Lucy Bott

Lucy joined RateSetter in February 2012 as the first member of RateSetter's award winning Customer Services team. Since 2012, Lucy has gradually built a team of dedicated, hard working Customer Services representatives, and has now moved to take on the role of Head of Customer Services. Due to the nature of her job, she works closely with all departments at RateSetter and has a deep understanding of operations.

Before moving to RateSetter, Lucy managed the Customer Services team of another fast paced start-up company in London, and has worked for a number of other businesses honing her Customer Services skills.


Non-Executive Team

RateSetter has a Non-Executive Chairman and Non-Executive Directors whose experience helps to steer the business in the right direction.

Alan Hughes (Non-Executive Chairman)

Alan Hughes An experienced and respected figure in the business world, Alan has held key senior positions at HSBC, and notably First Direct.

During his tenure as CEO, First Direct became the UK’s most recommended bank. He trebled the size of the company and also ensured that it had the best regulatory record of all the banks.

In 2013, Alan led a bid to purchase the Williams & Glyn branches from RBS, again pursuing his desire to see greater competition, integrity and innovation in retail and commercial banking. The bid was backed by private investors and advised by Lazard.

Alan joined the RateSetter Board in July 2014.

Alan said:

“I was delighted to be invited to join RateSetter.

“Rhydian and his team have built an impressive operation that offers vastly better value and customer service than all the alternatives. RateSetter stands out for its integrity and its customer-first approach, not just the value it offers. It is thoroughly refreshing; it has the winning formula.

“I am really looking forward to working with the RateSetter team to further develop their market-leading proposition and help them define the face of modern finance, as it should be. Offering a radically better alternative is the best way to achieve this.”

Hugh Garmoyle (Non-Executive Director)

Hugh Garmoyle Hugh was formerly a Managing Director and Head of UK & European Sales at JPMorgan Cazenove.

His current directorships include Hampden Capital PLC, one of the largest capital providers to the Lloyd’s insurance market, and Red Savannah, a travel company.

Hugh is also a partner in Venrex Investment Management, the specialist early stage investment firm.

Hugh previously practised law with Freshfields in London. Joined Board in November 2011.

Mark Davies (Non-Executive Director)

Mark Davies Mark runs Camberton, a strategic communications consultancy which advises on reputation management through government and media relations.

Before that, he was part of the founder management team of Betfair, one of Britain’s most successful online start-ups, and spent ten years managing their external affairs. During that time, Betfair went from a founder team of 8 to 2,500 employees worldwide.

He holds a number of Board Directorships including Probability plc. Mark joined the Board as a Non-Executive Director in November 2011.