The peer-to-peer lending platform RateSetter.com is celebrating their third year anniversary this week since launching in 2010.
RateSetter is a peer-to-peer finance site which matches prime consumer borrowers with savers looking for a better deal. The company was founded by Rydian Lewis and Peter Behrens in October 2010 and so far has raised £8 million of equity backing from angel investors.
To celebrate the company’s third year, RateSetter.com has released data to show the gulf in value between ‘lending’ and ‘saving’ over the past three years.
The figures show that someone lending £10,000 via the RateSetter Monthly Access would have earned 72% more in interest (£440) than some saving via the NS&I One Year Bond over the same period.
According to the RateSetter founder and CEO, Rhydian Lewis, this value has been the catalyst in RateSetter’s growth, and the industry as a whole. In the three years since launch, RateSetter has matched over £115m between lenders and borrowers, while ensuring that no lender suffers any losses thanks to the company’s unique Provision Fund.
“The last three years have seen a quiet revolution in the world of personal finance, driven by an understanding that traditional savings products are no longer competitive”, says Lewis. “Lending has become the new saving, with RateSetter leading the way in managing this process in a safe and transparent manner. We are extremely proud of our achievements over the last three years, in which we have ensured that every RateSetter lender has received every penny and by introducing our Provision Fund we have redefined how peer-to-peer lending works”.