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RateSetter Go Down Under

One of the UK’s foremost p2p lenders will take its first steps towards global dominance in far-off Australia.

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RateSetter plan to take their services to Aussie shores this year – using the move as a stepping-stone to further launches across Asia. The platform received an investment of AUS$3m from local and international investors to kick-start the offering in Sydney. RateSetter will go live in Oz this summer. It will be the first p2p lender in Australia to be fully regulated from the outset. RateSetter is to become the only Australian p2p platform to offer market-topping savings rates to individual lenders, as well as accessible rates to everyday borrowers.

Rhydian Lewis, Founder and CEO of RateSetter, said:

“When looking at international markets in which to expand, Australia was the obvious choice as it bears great similarity to the UK before the advent of P2P lending. Its saving and loans industry is ripe for disruption as banks have been offering below-par deals for too long with little true competition.”

“We have decided to focus on strategic growth markets such as Australia, which is a natural stepping stone to the huge opportunity in Asia. Targets closer to home on mainland Europe will not be overlooked, however, and initiatives there are already in train.”

“We want to empower savvy savers and borrowers by putting them in control of their finances through a simple, fair and flexible method of saving and borrowing. We hope they will follow in the footsteps of thousands of UK customers who have realised there is no need to take crumbs from the table of the banking industry when you can have your cake and eat it!”

The Aussie version of RateSetter will be headed by Daniel Foggo – a former banker with Barclays Capital and NM Rothschild in Sydney and London respectively. Mr. Foggo also commented on the launch:

“I worked in banks in the UK and Australia for over a decade and knew there had to be a better way to provide customers with a better rate and a better experience. When I met RateSetter, it was clear that is what they were doing and that Australia would be the perfect market for them to expand their international footprint. This offering will be extremely popular with everyday savers and borrowers, who are crying out for the advances seen in the UK P2P market.”

RateSetter have claimed many accolades in the UK, none more notable than Moneywise’s 2013 customer voted award for “UK’s Most Trusted Loan Provider”. The platform was also the most highly rated UK personal loan provider according to – with 99% of 619 customers saying they would recommend the service to others. Such is the level of consumer confidence that RateSetter will hope to replicate down under, and indeed on a global scale in the future. 

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