Ratesetter ISA hits £170m in first year

The peer-to-peer lending platform said its ISAs drove its loans under management higher over the last 12 months.

Peer-to-peer lending platform Ratesetter said £170m has been invested into its ISA account after launching just under a year ago.

The business, which recently said its lending has topped £3bn, added that it expected materially higher ISA savings for its upcoming second year in this market.

The platform added that its ISA product was a significant driver of new cash coming into the business, adding to its current £830m of loans under active management, compared to around £700m a year ago.

It ihas started a newspaper marketing campaign, to push ISA sales over the coming year. The firm’s ISA saving product was first launched in February 2018.

Mario Lupori, RateSetter’s chief investments officer, said: “Every day, more investors are discovering that they can access attractive and predictable returns at RateSetter, filling the gap between the low returns of cash savings and the volatility of shares. We are starting to see peer-to-peer investments go mainstream.”

Ratesetter, led by chief executive officer and co-founder Rhydian Lewis (pictured), is one of the UK’s ‘big three’ peer-to-peer lenders, alongside Funding Circle and Zopa.

Earlier this month the platform said it has lent more than £3bn to households and firms since the peer-to-peer lending platform was launched eight years ago.

It added that more than 600,000 customers have used the firm, including more than 75,000 who have put money to work on the platform since 2010.