Former Ratesetter executive to launch rival P2P platform

By Roger Baird on Wednesday 31 July 2019

Alternative Lending

John Gillespie intends to launch a ‘next generation peer-to-peer consumer lender’ that will take this form of lending ‘into the mainstream’.

Former Ratesetter executive to launch rival P2P platform
Image source: from Pexels

A former senior executive from Ratesetter is preparing to launch his own “next generation, peer-to-peer consumer lender”.

John Gillespie is establishing the new business, called SquareDeal.Finance, and has set up a pre-registration page on crowdfunding platform Seedrs.

The firm said it will develop “a legacy-free cloud-based peer-to-peer lending platform” that will “help us take peer-to-peer to the mainstream”.  

Gillespie, a former chief technology officer at Ratesetter, said the start-up will use the cash raised on the crowdfunding platform to complete its regulatory process, launch the business and begin trading.


‘Strong proposition’ 

The firm added: “We expect to achieve sufficient growth to allow for a large Series A round in the next year.”

The start-up will not set out how much it intends to raise until it registers its funding document on Seedrs.

“The platform has been built. We’ve got the branding and we are awaiting initial regulatory authorisation,” Gillespie told Peer2Peer Finance News.

He added: “We hope to have a strong proposition for our lenders. We don’t want to chase higher returns – we want to provide better returns than the bank without taking on unnecessary risk. You’re looking at very safe assets delivering a modest return.


Big three

“We want to carve out some space as a very clear and transparent proposition for lenders and borrowers alike.”

Gillespie, worked at Ratesetter for seven years, leaving in 2017. Ratesetter is regarded as one of the UK’s ‘big three’ peer-to-peer lenders, alongside Funding Circle and Zopa.

Gillespie said his new team at SquareDeal.Finance, which he has not yet revealed, has a combined total of 20 years’ experience working on platform development and peer-to-peer customer services.





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