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Peer2Peer Finance News | October 24, 2017

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RateSetter spurs on business brokers with summer prize draw

RateSetter spurs on business brokers with summer prize draw
Suzie Neuwirth

RATESETTER is giving its business finance brokers an extra incentive to find borrowers over the typically slow summer months, with a “six weeks of summer” prize draw.

The peer-to-peer lender, which originates both consumer and business loans, has previously expressed its intentions to boost its business finance segment.

RateSetter will automatically enter its business loan brokers into the draw, which started on 24 July and ends on 1 September. There is a different prize for each week within this timeframe.

To be eligible the broker must successfully have one of their loans completed in the week of the specific prize, the company said.

Prizes range from £250 sunglasses or Amazon vouchers to Ascot tickets and £1,500-worth of holiday vouchers in the final week of the draw, courtesy of Secret Escapes.

Read more: RateSetter’s Rhydian Lewis awarded OBE

“Brokers will be notified of their entry into the prize draw by our operations team when they are notifying that the clients funds have been drawn,” said RateSetter. “Brokers can be entered multiple times thus increasing their chance of winning.”

The ‘big three’ P2P platform currently originates the bulk of its business loans through intermediaries such as brokers and accountants. However, Paul Marston, managing director of commercial finance, told Peer2Peer Finance News last month that RateSetter is planning to boost its direct marketing methods to diversify its sources of new business.

“It’s not about replacing our intermediaries, it’s about diversifying and finding different origination sources,” he said.

At the end of July, it emerged that RateSetter had hit the £2bn cumulative lending milestone, made up of £1.3bn lent to individuals and £700m to businesses.

Read more: RateSetter unveils partner as it enters hire purchase market