RateSetter Australia has passed the A$10 million mark. The platform has now facilitated over 600 loans since the platform launching in November 2014.
RateSetter Australia has grown quickly, unquestionably fueled by its status as the only P2P lending platform permitted by the ASIC to provide debt investment opportunities to retail investors. The loan book remains exclusively funded by retail investment. Daniel Foggo – CEO – remarked on the impressive rate of growth:
“It’s exciting to see Australians embracing RateSetter’s innovative P2P offering with such enthusiasm”
“In just 10 months we have received more than A$220 million in loan enquiries from borrowers, and have attracted over 1,500 everyday Australian investors to our platform”
“With no loan defaults recorded in this time, the RateSetter Australia platform has the best credit performance of any P2P lender globally.”
In further good news for the platform, lender registrations are up 50% in the last three months, suggesting that investor demand is on the rise.
Mr Foggo commented on the competitiveness of RateSetter, in respect to traditional lenders:
“Over the last 12 months, we’ve seen interest rates for our 3 year loans as low as 7.8%. That’s more than 5 percentage points lower than rates currently being offered by the ‘Big 4’ and demonstrates just how much creditworthy borrowers can save by borrowing through P2P platforms like RateSetter.”
All this talk of competing with the Big 4 is perhaps unsurprising, given the recent growth of Australia’s P2P space. In July, AltFi spoke to Sunil Aranha – CEO of ThinCats Australia – who discussed the potential of an IPO. In an increasingly competitive industry - with Spotcap, OnDeck and Kicka Capital having sprung up in 2015, and MoneyPlace causing quite a stir at times – RateSetter, with announcements like this, are keeping to keep their nose in front.