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Peer2Peer Finance News | June 25, 2019

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RateSetter passes £500m in lending on secondary market

RateSetter passes £500m in lending on secondary market
Kathryn Gaw

RATESETTER has passed £500m in lending on its secondary market, marking a major liquidity milestone for the platform.

At the end of December 2018, the peer-to-peer platform revealed that a cumulative total of £500m in liquidity had been provided to investors via its secondary market. According to the platform, in the majority of cases investors were able to access these funds within one working day.

Read more: RateSetter dips toe into Open Banking

“Liquidity is important to our customers, providing confidence that they can access their money quickly and easily; and also for the market more generally, allowing RateSetter to plan for growth,” said Mario Lupori, RateSetter’s chief investments officer (pictured).

“This milestone highlights how deep and liquid RateSetter’s market is.”

Read more: RateSetter is third most commonly-ranked firm on high-growth lists

While RateSetter does not guarantee early access to invested money, lenders can trade loans on the platform’s secondary market.

At the time of writing, Ratesetter’s market had £820m under management and more than 275,000 active users.

Read more: Brexit will have little impact on us, says RateSetter