Following the Covid-19 outbreak and the current economic environment, RateSetter announced on 4 May a temporary reduction in interest for the remainder of the year. During this time, investors will receive only 50% of their interest with the other 50% going to the Provision Fund, for the protection of all investors.  Also, since the outbreak, the time it is taking investors to release their investments is currently longer than normal. Further information is available here. 

The UK's most popular peer-to-peer investment platform.

FCA authorised and regulated

Over 84,000 investors

Operating since 2010

Over £3.6 billion invested to date

FCA authorised and regulated

Over 84,000 investors

Operating since 2010

Over £3.6 billion invested to date

Reasons to choose RateSetter

Over 750,000 customers have chosen RateSetter for its dedication to delivering market-leading products and services to investors and borrowers.


RateSetter is an award-winning provider of consumer loans offering speed, value and service.  


From October 2020, Metro Bank is funding all RateSetter’s new consumer lending.  Existing customers are continuing to fund the existing loan portfolio, earning returns above the interest rate of a savings account without the volatility of stocks and shares.  Thanks to RateSetter’s Provision Fund, investors’ risk exposure is diversified across the whole loan portfolio.  RateSetter is an investment and capital is at risk.  Learn more

The Provision Fund we offer does not give you a right to a payment so you may not receive a pay-out even if you suffer loss. The Fund has absolute discretion as to the amount that may be paid, including making no payment at all. Therefore, investors should not rely on possible pay-outs from the Provision Fund when considering whether or how much to invest.  Learn more

Key facts

  • Launched in the UK in 2010 as a peer-to-peer platform, introducing the Provision Fund model
  • Became the UK’s most popular peer-to-peer platform - over 750,000 people have invested or borrowed with RateSetter
  • Winner of the Queen’s Award for Enterprise in 2019, the most prestigious business awards in the UK
  • Over £4 billion of lending across consumer and commercial finance
  • Acquired by Metro Bank in 2020
  • RateSetter Australia launched in 2014, becoming Plenti in 2020

Executive Committee

Rhydian Lewis | Chief Executive Officer

Rhydian is responsible for leading RateSetter, which was acquired by Metro Bank in 2020. Rhydian founded RateSetter in 2010 to make lending simple and accessible. It became an award-winning peer-to-peer lending platform, attracting over three quarters of a million investors and borrowers and delivering £4 billion of lending and a market-leading consumer finance offering. Metro Bank acquired RateSetter as part of its strategy to deliver profitable growth and meet the needs of more customers as the UK’s best community bank. Prior to RateSetter, Rhydian worked at the investment bank Lazard. Rhydian received an OBE for services to financial services in 2017.


Harry Russell | Chief Finance Officer

Oversees finance, legal and compliance and HR for RateSetter. Harry joined RateSetter from KPMG, where he spent seven years in their financial and operational restructuring team. Prior to that, he spent three years in the audit team at PwC, where he qualified as a Chartered Accountant.


Michael Hoare | Chief Credit Officer

Oversees credit policy, decisioning and analytics for RateSetter, as well as anti-fraud measures. Mike joined RateSetter from PayPal UK, where he was Chief Credit Officer, before which he worked at Capital One.


Peter Behrens | Chief Commercial Officer

Oversees the customer side of RateSetter, responsible for all origination and servicing. Before co-founding RateSetter, Peter trained and practised as a lawyer at Ashurst and worked as a banker at RBS. Peter also sits on the Board of Plenti (formerly RateSetter Australia) as a non-executive director.


The Board consists of Executive Directors Rhydian Lewis, Peter Behrens and Harry Russell and the Non-Executive Directors listed below.


 Martyn Scrivens | Non-Executive Chairman

Martyn chairs the Board at RateSetter.  Martyn has experience in audit and risk management spanning four decades, including operating at Board level in both the private and public sector.  Martyn spent five years at Credit Suisse Group where he was Global Head of Internal Audit and prior to that he oversaw group audit functions at Lloyds Banking Group as Group Audit Director for nine years. Before joining Lloyds, Martyn spent 24 years at international professional services firm Arthur Andersen, including 13 years as Partner.  Martyn also serves as Non-Executive Director at Yeovil District Hospital.  He is a Fellow of the Institute of Chartered Accountants and chairs the Institute’s Internal Audit Advisory Panel.  Martyn joined the RateSetter Board in November 2019.


Anne Grim | Non-Executive Director and Non-Executive Director, Metro Bank

Anne is an experienced executive turned advisor, consultant and non-executive director with more than 30 years in senior financial services leadership roles at Barclays, Wells Fargo, American Express, Mastercard and most recently as Chief Customer Officer at Fidelity International. Her expertise is in customer experience, strategic planning and execution, technology innovation and business transformation. She is currently a non-executive Board member for Insight Investment and Advisor to the Investment Association’s FinTech Velocity Accelerator and a Trusteee on the UK board of Opportunity International. She is also a Director of CXpertin Ltd.  Anne joined the RateSetter Board in September 2020.


Daniel Frumkin | Non-Executive Director and Chief Executive Officer, Metro Bank

Dan is responsible for leading Metro Bank – with a focus on driving long-term growth by delivering great customer service at the right cost, to create even more FANS.  Prior to joining Metro Bank, Dan has worked in America, the UK, Eastern Europe and Bermuda.  He has performed business, risk, product and commercial executive level roles throughout his career.  Most recently, Dan was Group Chief Operating Officer at Butterfield Bank with responsibility for eight jurisdictions across the globe covering a range of business and support areas.  Dan joined the RateSetter Board in September 2020.


David Arden | Non-Executive Director and Chief Financial Officer, Metro Bank

David is a member of the Chartered Institute of Management Accountants and holds a first-class degree in Economics from Leicester University.  Prior to joining Metro Bank, David was CFO at Sainsbury’s Bank (a position he held for six years) and interim MD of Argos Financial Services, following the successful acquisition of Home Retail Group by J Sainsbury Plc in September 2016. David joined Sainsbury’s Bank from Shop Direct Financial Services, where he was Chief Financial Officer. In his 28-year career, he has held a number of senior positions including Managing Director of RBS/NatWest credit cards and Finance and Risk Director for Tesco Bank.  David joined the RateSetter Board in September 2020.


Women in finance

RateSetter supports the Women in Finance Charter, which is a pledge for gender balance across financial services. We signed this in early 2017. We do this because we believe in the value of diversity and equality of opportunity, alongside our belief in meritocracy and always trying to choose the best person for the job.  We aim for at least a quarter of those in senior management positions to be women and not to drop below a quarter over the next five year period. We believe we are on track to meet our target.

Capital at risk. No FSCS protection. Past performance is not an indicator of future results.