RateSetter lends £500 million in under five years
By Simon Hawtin | Wed 11 Feb 15
By Simon Hawtin | Wed 11 Feb 15
This latest milestone comes on the back of a year of rapid growth in 2014, which saw RateSetter overtake competitors to become the industry leader in Europe.
In another market record RateSetter lent over £43 million in January – the most ever lent by any P2P platform in a single month, smashing the previous record (also held by RateSetter) and amounting to nearly £10 million more than each of its closest rivals Zopa and Funding Circle.
RateSetter’s Founder and CEO, Rhydian Lewis on hitting the £500m milestone
“We’re on the brink of the most exciting change in the UK financial system in a generation, and we feel privileged that RateSetter is at the forefront of this change.
Institutional investment, SME lending and new pensions freedoms will all further accelerate growth in the sector. As the industry matures we may well see a split in the market between platforms that transition towards institutional lending, in a similar manner to the US market, and those which remain consumer-focused at their heart.
Our continued focus will be to act in the best interest of consumers, empowering investors to achieve greater returns with minimal risk.”
The driving factors behind RateSetter’s growth
Independent P2P experts AltFi report on RateSetter’s eye-opening growth:
“The platform has announced a large number of strategic partnerships and initiatives over the past year. To name a few: the absorption of GraduRates’ loan book, securing a £10m commitment from the British Business Bank, forming an arrangement with mobile phones provider GiffGaff and constructing a bespoke portal for the IFA market.
This is not to mention, of course, that RateSetter is becoming increasingly hybridized. Whilst consumer lending remains at the heart of the proposition, the platform revealed in December that it has also been engaged in a degree of SME and property lending – channeling funds from individuals, businesses, institutions and charities/livery companies.”
Growth predictions for RateSetter throughout 2015
AltFi also produced an interesting forecast as to where might RateSetter’s volumes stand by the close of 2015.
According to AltFi Data, perhaps around the £1.275bn mark:
With special thanks to our customers
None of this would have been possible had our customers not backed us from the start. Borrowers and lenders played the most important part in the establishment of RateSetter and the continued growth to where we are today.
Thank you to all our customers, we look forward to sharing the success of further growth with you.
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