RateSetter thanks millennials as it hits A$150ml loans

The company has saluted the banks and thanked the young for its growth

RateSetter Australia salutes the banks and thanks millennials as it hits A$150 million in loans written

Conventional wisdom blames millennials for cryptocurrencies, ESG funds and much of P2P lending.

And for RateSetter Australia there’s a lot of truth to it.

Celebrating A$150 million loans written, RateSetter released data on who was using its platform and for what.

The company’s data showed that millennials were particularly fond of the one-month loan market, and used it more than any other age group. And the short-term lending’s popularity with the young helped propel RateSetter’s average investment from A$3,777 two years ago to A$11,483 today.

Commenting on the growth, Daniel Foggo, RateSetter Australia CEO, saluted the big banks for helping fertilise Australia’s fintech industry.

“Our growth has also been supported by banks doing a fantastic job of destroying the trust their customers once held,” Mr Foggo said.  

“An increasing number of younger investors are showing they trust new economy services, including peer-to-peer lending, rather than traditional institutions, to act in their interests and help them achieve their financial goals.”