RateSetter gets upgraded Down Under
RATESETTER’S Australian operations have been given a higher rating by SQM Research.
The independent ratings agency upgraded the peer-to-peer lending platform to a “favourable” rating and described its lending product as “approved investment grade.”
This puts it just one step below SQM’s top rating of ‘high investment grade.’
SQM described the platform, which launched in Australia in 2014, as “well-resourced, with expertise stemming from its related company’s operations in the United Kingdom.”
It also heralded RateSetter’s provision fund and risk management processes.
“The ‘favourable’ rating highlights the progress we have made in providing investors with a simple, safe way to access consumer and business credit,” said Daniel Foggo, chief executive of RateSetter Australia.
“We are committed to making this attractive asset class available to more investors, delivering them stable and risk-adjusted returns, and look forward to further increasing our investment-grade ratings as we do so.”
It comes after RateSetter Australia completed a capital raising worth A$10.5m (£6.18m.)
The investment round into RateSetter, which is now the largest peer-to-peer lender in Australia, was led by Five V Capital, with support from existing shareholders and other professional investors.