The firm has 275,000 active customers meaning so far investors have been able to access funds within one day.
Peer-to-peer lending platform RateSetter has seen £500m of activity in its secondary market, according to a statement by the firm.
RateSetter’s secondary market allows investors wishing to access their funds before a borrower has repaid their loan in full to acess liquidity on that investment.
Loan assets are typically only accessible in illiquid formats as they are not traded publicly and while RateSetter’s lending fits this profile it has made efforts to improve this via its secondary market function. But it is dependent on being able to replace outgoing money on loan contracts.
The firm, launched in 2010, says it currently has £820m under management and 275,000 active customers meaning so far investors have been able to access funds within one day.
Mario Lupori, RateSetter’s Chief Investments Officer, said: “Liquidity is important to our customers, providing confidence that they can access their money quickly and easily; and also for the market more generally, allowing RateSetter to plan for growth. This milestone highlights how deep and liquid RateSetter’s market is.”
RateSetter has originated £2.9bn of loans to individuals and businesses across the UK and generated almost £120m in interest for its investors, it says.
Join AltFi at their fourth annual Australasia Summit to examine the future of lending in Australia. Where we present best practices across, technology, partnerships, open banking, governance, data access, consumer experience, capital markets & funding, the role of government and regulation.