RateSetter Tops the Quarter Billion Mark

By AltFi on Monday 9 June 2014

Alternative Lending

The second largest consumer lending platform in the UK has now blasted by the quarter billion mark in terms of loans originated.

AltFi Data watched as the platform surged past £250 million of loans over the weekend. RateSetter has now lent a grand total of £250,255,459. It’s a significant milestone for the ascendant platform – and one that serves to highlight an increasingly strong 2014 performance. RateSetter has added over £5.5 million thus far in June. Month on month this year the platform has averaged upwards of a 200% annualized growth rate, and in May it claimed the title of largest UK p2p platform in terms of monthly new loans originated.

Rhydian Lewis, Founder and CEO of RateSetter, commented:

“Now that peer-to-peer lending is regulated and overseen by the FCA, confidence in the industry is growing. The model is redefining modern finance – these things don’t happen over night but you can see serious momentum now.”

“We are thrilled to have passed the £250m mark – it was only last August that we passed £100m.”

“I am very grateful to all those adventurous people who have lent on RateSetter since we launched back in 2010 – it is always a bold step to put your hard-earned cash into something new, however solid the proposition.”

“We are liberating the saver from the poor value of the homogenous FSCS-backed savings accounts and giving them a fresh offering with good rates and a sense of control. We will keep investing to improve the experience and we will keep championing the retail saver.”

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Financial Conduct Authority