RateSetter investors £50 million better off
RateSetter investors have now earned more than £50 million in interest on our platform, getting an average return of 4.7% on their money since we launched in October 2010.
Investors have used RateSetter to lend over £1.4bn to individuals, businesses and property developers across the UK - more than half of which has already been repaid.
We have reached the £50 million interest milestone without any individual investor losing a penny of their capital or interest thanks to our Provision Fund, which steps in to reimburse investors if a borrower misses a repayment. The track record over the last 6 years is impressive, although it is not a guarantee for the future.
RateSetter has seen an increase in investor numbers since the Bank of England’s decision to cut interest rates in August, with over 65% more active investors registering compared to the same two month period last year. Currently, we have 45,000 registered individual investors.
Peter Behrens, RateSetter’s co-founder and Chief Commercial Officer, commented:
"RateSetter is all about giving individual investors direct access to the risk and return from loans - ending the exclusivity that banks and funds have tightly held onto for centuries."
"Returning £50 million without dropping a penny is a great achievement - and this number is growing by around £2.5 million every month."
"The RateSetter market is unique, with interest rates set by thousands of investors and borrowers – not by the Bank of England or a faceless committee. As a result, there was never any question of us passing on a rate cut to our investors."