We have raised £13m of additional capital from existing investors, including major names in investing such as Artemis and Woodford Investment Management, as well as smaller shareholders and our own employees. We intend to use the investment to scale up the business ahead of the anticipated launch of our Innovative Finance ISA. The fundraising takes the total amount of capital we have raised since launch in 2010 to over £40m. More detail can be found in our press release here.
This follows the announcement earlier this month that Paul Manduca (pictured) will join RateSetter as Non-Executive Chairman. Paul is a well-known and highly respected figure in financial services with a reputation as a business builder and an authority in good governance.
Paul is Chairman of global FTSE 100 insurer Prudential and his distinguished career in asset management included founding Threadneedle Asset Management and serving as CEO at both Rothschild Asset Management and Deutsche Asset Management. You can see the full press release about his appointment here.
Paul joins our Board today, and will become Non-Executive Chairman on 17 July 2017, when the term of our current Chairman, Alan Hughes, expires. Alan has been a great Chairman over the last three years and has played a significant part in RateSetter’s progress as a company – we would like to thank him for his huge contribution.
Each of these announcements is a major development for our business in its own right, and together they lay the ground for a new phase in RateSetter’s development on the way to our goal of becoming a leading brand for everyday investors.