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Peer2Peer Finance News | September 18, 2019

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RateSetter reaches £3bn lending landmark

RateSetter reaches £3bn lending landmark
Marc Shoffman

RATESETTER has joined the £3bn lending club.

It is the last of the ‘big three’ peer-to-peer lenders – comprising Zopa, Funding Circle and RateSetter – to reach the milestone and it comes after it originated more than £700m of new lending last year.

Of the £3bn loanbook, £820m of the loans are still active and £2.2bn has been repaid by borrowers, generating returns of £120m for RateSetter investors, who have enjoyed an average annual interest rate of 4.4 per cent per year since the platform launched in 2010.

Read more: P2P set for fundraising boom in 2019

“Eight years ago, we spotted the opportunity to make investing and borrowing better for everyone – and we remain as focused on that mission as ever,” Peter Behrens (pictured), chief lending officer at  RateSetter, said.

“We are very proud that RateSetter has helped more than 600,000 investors and borrowers access better interest rates on the £3bn of lending that has been delivered through our platform.

“£3bn is impressive, but we’re only getting started. Our vision is to make RateSetter a household name for the millions of investors and borrowers across the UK that are seeking better value.”

Read more: RateSetter passes £500m in lending on secondary market

Funding Circle hit the £3bn milestone in December 2017, followed by Zopa in January 2018.