RateSetter and Metro Bank
Earlier this year, we confirmed that RateSetter was exploring strategic options to ensure our continued growth. Today Metro Bank has announced that it is acquiring RateSetter. The acquisition is subject to regulatory approval, as all such transactions are.
Both RateSetter and Metro Bank are innovative businesses with a shared focus on delivering something better for customers, making this a natural pairing. Metro Bank plans to significantly grow RateSetter’s lending through the RateSetter platform, using the lending and credit management capability RateSetter has built over the last decade.
Over 750,000 people have invested or borrowed through RateSetter and we are enormously grateful for the trust they have placed in RateSetter. £4 billion has been lent, providing valuable finance to UK consumers and businesses and generating over £175 million of interest for investors.
For investors, there is no change to your investment, with RateSetter continuing to manage the loan portfolio and the Provision Fund. Our Investor Services team remains available in the usual way to assist with any questions you may have and will continue to provide all administrative services.
For borrowers, there is no change and we continue to accept new applications as normal. Our Borrower Services team remains available in the usual way to assist with any questions you may have and will continue to provide all administrative services.
Over the last ten years, forward-thinking businesses like RateSetter and Metro Bank have stepped forward to deliver something fresh to customers. Metro Bank’s stated objective is to be the UK’s best community bank and we are delighted that under its ownership, RateSetter will continue to be at the forefront of delivery for customers.