RateSetter thanks millennials as it hits A$150ml loans

By David Tuckwell on Friday 22 September 2017

Alternative Lending

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.”

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