RateSetter is reportedly exploring a sale, merger or additional fundraising due to a current funding squeeze; Sky News reports that...
Plum uses artificial intelligence to suggest and automate savings for its customers; the RateSetter Plum partnership will add a new savings option for Plum customers; through the platform customers can now choose to automate investment to a RateSetter account with an average return of approximately 4.7%. Source
P2P-Banking has released its monthly report on loan originations; Funding Circle led originations for the month at 106.1 million euros, also reporting a new monthly high; Zopa and Ratesetter also topped the list; Zopa reported monthly loan originations of 85.3 million euros and Ratesetter had loan originations of 63.9 million euros. Source
RateSetter Australia was the country's first P2P lending platform for retail investors; it has now announced $100 million in funding; the firm has seen a significant increase in investment from millennial investors seeking yield alternatives to low rate savings accounts and volatile stock markets; concurrently with data on its origination milestone it also released research conducted among RateSetter's investors on millennial investing. Source
UK based p2p lender RateSetter has decided to no longer accept unsecured small business lending applications; the company said it will limit commercial lending to property and asset backed loans; “we have a clear framework around which to grow our commercial finance volumes and continue to deliver access to healthy returns to investors,” said Rhydian Lewis, founder and CEO of RateSetter, to AltFi. Source.
One of the top three P2P platforms in the UK loses their new chief risk officer only six months after he was initially hired; Cyrille Salle de Chou, who initially came from Lloyd's Banking Group, is now headed to HSBC to be the chief risk officer of their European retail business; Salle de Chou told the Financial Times: "[It is] a great opportunity I could not refuse. Not a sign of concerns re RateSetter. I thoroughly enjoyed my time at RateSetter." Source
Firm says the platform is the first to introduce hire purchase loans for businesses; the firm has developed the product in collaboration with former wholesale lending partner Corporate Asset Solutions who will serve as a distribution channel; RateSetter will take full security over the specified asset and the platform says its hire purchase agreements will range up to GBP750,000 ($993,000). Source
UK based p2p lending platform RateSetter has halved their interest rate payout to investors so they can add the savings...
Retail investor money in p2p lending has been slowly eroding for the last few years, but the UK’s p2p lenders...
The round was led by Five V Capital, who reportedly invested $8.5 million; company plans to boost number of employees from 50 to 80 in the next year; RateSetter Australia has doubled is loan levels since 12 months ago; Daniel Foggo, RateSetter chief executive stated, “In August, we became the largest peer-to-peer lender in Australia — both in terms of the number of lenders, and the number and value of loans funded each month.” Source