On the day that the Bank of England welcomed a new chief rate-setter, it feels an appropriate moment to make an announcement about further securing of RateSetter’s future. As mentioned by Peter and Rhydian in the London Evening Standard today, we have recently closed a fourth round of investment in RateSetter. Valuing the business at over £30m, the majority of the £5m we have raised has come from a new partner, with the rest made up from existing shareholders.
It’s a terrific moment to put fresh impetus into the business by growing the team as well as to tell more people about RateSetter. The business continues to grow strongly – June was another record month – as we expand the product and grow the team. We are working hard with the regulator ahead of April 2014, helping craft a proportionate regulatory regime which will allow peer-to-peer lending to flourish. In all, it’s an incredibly exciting time for this expanding niche in finance, and it is a great boost to be well-funded and to be the masters of our own destiny.
As a business, we have been incredibly fortunate to have a group of investors who share our vision of the future of RateSetter, and who understand that we want to patiently build a sustainable long term business. Reaching profitability in January of this year gives investors and lenders alike great confidence that we have built a stable platform from which to expand; we are one of the only peer-to-peer lenders anywhere in the world to have done so, and we hope this offers ever greater belief in the RateSetter approach, which is setting the industry standard.
We’d like to take the opportunity to thank both our investors and our lenders whose support has got us here. If you have any questions about RateSetter, please contact us at the usual place.